YATE Shopping Centre has sold for £58 million after going on the market in last October.

An American Investment company has partnered with an European asset management firm to secure the retail centre in the heart of Yate.

Magnetar Capital have partnered with Northdale Asset Management to acquire Yate Shopping Centre and Riverside Retail Park.

Yate Shopping Centre is situated on a 31-acre freehold site, extends to 550,000 sq. ft and includes 1,400 free parking spaces.

The tenants include Marks & Spencer, TK Maxx, Next, Boots, Iceland, Poundland, Sports Direct and Home Bargains.

Alan Shaffran, senior portfolio manager and European head at Magnetar, said, “Magnetar is pleased that in our purchase of Yate, we found a prime example of the retail strategy Northdale and Magnetar sought in our partnership – a well-located and well-anchored property with a track record of producing stable income despite retail and pandemic headwinds, yet one where active management could enhance tenant, consumer and investor offerings.

"We look forward to working with all community stakeholders to make Yate a continued success.”

Jon Taylor, Partner at Northdale, said, “Northdale is excited to partner with Magnetar on the acquisition of Yate, the first acquisition in our wider retail strategy.

"The centre has proven resilient through the Covid pandemic due to its strategic town centre location, affordable rents and good tenant mix, which is weighted toward community and convenience occupiers.

"It also offers multiple asset management initiatives for both retail and alternative uses. We intend to work closely with local government to help enhance the Centre and this area of Yate.”