Henderson trades retail assets
Published: 26 October, 2010
Henderson Global Investors has sold two retail parks and bought a trade park as it actively manages its retail portfolio
In Hampshire, the Havant Retail Park has been sold to Ankers & Rawlings for £5m, reflecting a net initial yield of 9 per cent. Situated on the junction of the A3(M) and A27, the 67,000-sq ft park benefits from an open A1 consent and is let to Homebase and AMF Bowl.
And in Cwmbran, South Wales, Henderson’s £822m UK Property Unit Trust has sold a retail warehouse to Prego Estates for £3.8m. The 35,000-sq ft unit, which is let to Homebase, is located at the entrance to the town centre and provides an income of £320,827 pa.
Marcus Langlands Pearse, co-fund manager for the Henderson UK Property Unit Trust said: “The disposals are in line with the fund’s strategy, disposing of shorter income and more secondary properties and recycling the money towards longer income prime assets.
On both sales, Savills acted for HUKPUT. Eagle Land acted for Prego Estates Limited and Lambert Smith Hampton acted for Anker’s & Rawlings.
At the same time Henderson has purchased the Great Weston Trade Park in Weston Super Mare on behalf of London Borough of Southwark Pension Fund for £3.54m. The price reflects a net initial yield of 6.96 per cent. The 37,888-sq ft park is prominently located on the A370 Herluin Way, situated adjacent to the popular Flowerdown Retail Park. It produces a net income of £260,715 pa with a mixture of lease expiries.
Hartnell Taylor Cook advised the developer, Highlife Weston, and Lambert Smith Hampton advised Henderson.
