Prupim buys 25% Brewery stake
Published: 02 August, 2010
The Henderson Retail Warehouse Fund has sold a 25 per cent stake in the Brewery in Romford to Prupim for £44.25m, reflecting a net initial yield of 6.06 per cent.
The 530,000-sq ft retail and leisure scheme will continue to be managed by Henderson. Among its anchor tenants are Sainsbury’s, Boots, Gap, JD Sports, Bank, Vue cinemas and TK Maxx.
Michael Neal, fund manager of the Henderson Retail Warehouse Fund, said: “The asset has performed very well for the fund, particularly during the downturn, having provided the Fund’s strongest weighted contribution to performance over the three years to 31 December 2009.
“Its London Borough location, foodstore anchor and strong and diverse tenant line up across both retail and leisure sectors, has provided defensive qualities in a volatile market and presents opportunities for continued growth in the future. We are delighted to be partnering with the PRUPIM on this asset and look forward to further growth going forward.”
Cushman & Wakefield and Morgan Williams advised Henderson on the disposal. PRUPIM was represented by King Sturge.