Hercules Unit Trust, British Land's specialist retail warehouse fund, has sold its Colne Valley retail park in Watford to Igal Ahouvi for £45.075m reflecting a net initial yield of 6.59 per cent.
The retail park provides more than 88,000 sq ft of retail warehouse space across seven units, let to the likes of Allied Carpets, DFS and MFI.
The scheme was originally acquired by HUT in July 2000 for £17.3m representing an initial yield of 6.50 per cent. It has since been reconfigured and extended with new lettings taking the best rent on the park to £40.00 per sq ft.
British Land director Andrew Jones said: "This sale is in line with our strategy to reduce our exposure to the bulky goods sub-sector and represents the latest in a number of transactions completed by HUT."
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