Newton Abbot's Market Walk shopping centre has been sold to the UK arm of one of the world's biggest property investment companies in a deal worth almost £13 million.

The move – immediately welcomed by the leader of Teignbridge Council and by the town development manager – has been described as 'a shot in the arm' for the town with improvements promised for the 1970s development and its 27 shop units.

The complex has been taken over by LaSalle Investment Management, a member of the Jones Lang LaSalle group which is listed on the New York Stock Exchange and whose global assets are worth approximately £30 billion.

LaSalle acquired the property from Stockland, an Australian firm which has sold its UK interests following financial losses.

LaSalle said it had acquired Market Walk 'on behalf of a retained pension fund client' and that it expected the initial return on its £12.67 million investment to be nine per cent, approximately £1.15 million per year.

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