Hercules and Crown sell in Leamington
Published: 03 June, 2014
Hercules Unit Trust and The Crown Estate sell Leamington shopping park for £72m
Gibraltar Limited Partnership (a 50:50 joint venture between HUT and The Crown Estate) has sold the Leamington shopping park to Ignis UK Property Fund for £72m, representing a net initial yield of 4.4 per cent.
The fundís property adviser British Land has transformed the scheme from a traditional bulky goods retail park into a fashion-led shopping park. The scheme was extensively refurbished in 2009 and almost every unit has been either re-let or reconfigured. Debenhams opened a department store in October 2013 and Caffe Nero took its first out-of-town unit at the park. The original line-up included Focus, MFI, Harveys and Rosebys. Occupiers now include anchor Debenhams, Outfit, Next, New Look, Mamas & Papas, Boots, Clarks and Frankie & Benny's.
Charles Maudsley, head of retail for British Land, said: "We have realised significant value at Leamington Shopping Park by transforming it into an attractive and successful shopping destination. That value has been recognised by the market and the sale demonstrates both the strong UK institutional demand for the right type of product and confidence in the prospects for the retail occupational market."
Ignis was represented by CWM.