Herald, Henderson Global Investors’ €900m pan-European retail property fund, has sold the Stanley Green retail park in Wilmslow, Manchester, to PruPIM for £47m reflecting a net initial yield of 5.3 per cent.
The vendors say that the yield on £47m sale of the 91,500-sq ft Stanley Green Retail Park is the lowest achieved for a retail park in the current market cycle. Stanley Green is fully let to a mix of national and international brands including TK Maxx, Next, B&Q, Halfords and Comet, with long average lease lengths.
David Turner, Herald’s fund manager, said "Our strategy for the fund in 2010 is to increase our exposure to core Western European markets, including France, Germany and Italy where forecast returns remain the most attractive for our investors. Our primary focus is to hold assets for long term income, however, this opportunistic sale at a market defining yield provides us with additional capital to deploy into the fund’s core markets and take advantage of current market conditions.”
Herald was represented by Gerald Eve and PRUPIM was represented by King Sturge and Tudor Toone.
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