The St Enoch Centre, Glasgow

In 1996 we advised Deka on their first retail purchase in the UK. The major shopping centre comprised 12 acres (4.8 hectares) feuhold in central Glasgow and included both a Debenhams and BHS department store plus prime retail frontage onto Argyle Street. Deka paid £160 million which reflected a net initial yield of circa 6.5%. We acted as Deka's asset managers seeing through a number of key initiatives including creating an additional 35,000 sq ft, a new entrance to Argyle Street, a new 800 seat food court and refurbishing the malls. We subsequently advised Deka on their disposal in December 2004 and sold to the Mills Corporation for £272.5 million which reflected an exit yield of circa 5.25%.