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Intense competition for shopping centres has prompted British Land to forward purchase a retail development in Hull.
The company has agreed to buy ING Real Estate Development's 580,000 sq ft St Stephen's shopping centre, two years before completion.
The purchase, at a 6% yield, is 25-50 basis points above average yields being achieved for shopping centres. F&C Asset Management recently achieved an initial yield of below 4.5% on the sale of its 410,000 sq ft Eastgate shopping centre in Inverness to Grosvenor.
Sources said BL would have had to...