USS (Universities Superannuation Scheme) has purchased St John’s Centre, Perth from BAE Systems Pension Funds Trustees for £31.25 million, representing a net initial yield of 7.9%. The property is part heritable and part long leasehold.
St John’s Centre is the main shopping centre in Perth offering approximately 145,000 sq ft of net retail space and office accommodation. The scheme is anchored by Primark who opened in November 2010, with the remainder of the 38 retail units let to national multiple retailers including River Island, Top Shop, H Samuel and Monsoon. It formed part of the portfolio managed for BAE by the investment managers OLIM Ltd.
Cushman & Wakefield and Maclay Murray & Spens LLP acted for USS on the purchase, Kitchen La Frenais Morgan and Shepherd and Wedderburn for BAE.