Nuveen’s 50% stake in Exeter’s Princesshay up for sale
Nuveen has placed its 50% stake in Exeter’s Princesshay Shopping Centre up for sale.
The 400,000 sq ft asset comprises retail units, food and beverage and leisure space, and offices.
Savills has been appointed to handle the sale, as is reported to be seeking around £40m for the 50% stake.
The remainder of the asset is owned by The Crown Estate.
Key tenants at Princesshay include Next, Zara, and Reiss, with F&B operators at the scheme including Nando’s, Wagamama, and Yo! Sushi.
Included in the estate are the Princesshay and Summerland Gate car parks, providing over 500 car parking spaces.
Nuveen purchased its 50% stake in 2014 from Landsec, as part of a deal which saw Landsec take control of Buchanan Galleries in Glasgow.
Total gross income across the Princesshay assets is around £9.1m per annum, producing a net operating income of approximately £6.3m per annum.