Henderson sells another 25 per cent stake in the Brewery
Published: 08 September, 2010
Henderson Global Investors, on behalf of the £1bn Henderson Retail Warehouse Fund, has completed the sale of a further 25 per cent stake in the Brewery in Romford to Prupim, on behalf of its M&G Pooled Pension Property Fund, for £44.5 million.
Prupim bought a 25 per cent share in the asset in July for £44.2 million, on behalf of a different fund, raising its current stake to 50 per cent. The price reflects a net initial yield of 6 per cent for Prupim.
The 530,000-sq ft retail and leisure scheme is anchored by Sainsbury’s, Boots, Gap, JD Sports, Bank, Vue cinemas and TK Maxx. The scheme will continue to be managed by Henderson.
Michael Neal, fund manager of the Henderson Retail Warehouse Fund, said: “This sale is fully in accordance with the Fund’s strategy to maintain a well balanced and diversified portfolio of prime retail warehouse assets. The sale provides the Fund with a strong balance sheet to acquire new assets and to fund the many other exciting value creating asset management opportunities inherent within the existing portfolio.”
Cushman & Wakefield and Morgan Williams advised Henderson; King Sturge acted for Prupim.
