London commercial property sale completed

LaSalle Investment Management has completed its deal to acquire a shopping centre in London, it has been announced.

The company has confirmed that the deal for the centre in Bexleyheath was agreed with Capital & Regional and Aviva Investors' Mall Fund.

Consisting of 650,000 sq ft of space, the building includes 67 units which are home to tenants including BHS, Marks & Spencer and New Look.

Simon Marrison, head of LaSalle Investment Management in Europe, said the deal – which took the company's total spending to £400 million in the past ten months – highlighted the firm's ability to "successfully transact" in "difficult" conditions.

He added: "It also vindicates our decision to wait before we started to invest money in good quality assets."

Last week, research by CB Richard Ellis revealed commercial property yields in the UK have become "clearly attractive" recently, averaging 7.5 per cent in the three months to October.