Capital & Regional has unconditionally exchanged contracts to purchase the Waterside Shopping Centre in the cathedral city of Lincoln for £24.8 mln (EUR 29 mln), reflecting 7.68% net initial yield. It was the first property acquisition by Capital & Regional since its successful capital raising in 2009.

The Waterside has approximately 11,000 m2 of accommodation on two principal levels, located on a prime retail pitch in the centre of Lincoln. The centre is anchored by Primark, New Look, Top Shop & Oasis with a Zone A rental tone of £30-£65 and a current void level of 5%.The weighted average unexpired lease term is 7.1 years.

Completion is expected to take place in mid-February.