Goodbody and AIB spend €125m on shopping centre

Goodbody Stockbrokers and AIB Investment Managers have spent about €125 million on the Arcades Shopping Centre in Ashton-under-Lyne, Manchester.

2nd December, 2006

Goodbody Stockbrokers and AIB Investment Managers have spent about €125 million on the Arcades Shopping Centre in Ashton-under-Lyne, Manchester.

The net yield - the rent expressed as a percentage of the selling price after costs - is 4.5 per cent, but this will rise to 5 per cent following the completion of outstanding rent reviews with existing tenants.

Michele Jackson of DTZ Sherry FitzGerald, who acted for the purchaser, said the centre offered ‘‘a fantastic opportunity to...

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