Invista swoops for Westhill

Invista Real Estate Investment Management, the listed property fund manager spun out of HBOS, has bought the Westhill Shopping Centre in Aberdeen for £9.25 million.

The firm bought the 48,793sq ft shopping centre from Gladedale Capital, another property firm formerly backed by HBOS and now largely owned by Lloyds Banking Group. The property, anchored by Marks & Spencer, was bought at a net initial yield of 7.2 per cent.

Gladedale had acquired the centre in 2007 and had ambitious expansion plans.

Westhill currently comprises 24 shops and six office suites, but also has planning consent for a further seven shops totalling 32,000sq ft.

Nick Montgomery, head of UK funds at Invista, said: "The acquisition has strong fundamentals with a wealthy catchment and limited competition.

"The low base rents offer capacity for growth with the potential to improve and develop the site."