Henderson buys Christ’s Lane, Cambridge
Published: 28 February, 2011
Henderson Global Investors has acquired Christ’s Lane, a prime high street asset in Cambridge, from Land Securities, for £33.16m, reflecting a 5.25 per cent net initial yield
Land Securities completed the mixed-use project in 2007, including three large retail units on St Andrews Street, six shops on Christ’s Lane totalling 61,000 sq ft and 15 flats. The scheme houses fashion and homeware brands, including Zara, H&M, Bank, Starbucks, Fired Earth/Aga and Feather & Black.
Henderson has acquired the asset on behalf of its German joint venture - Warburg-Henderson KAG. Fund manager Jamie Johnson said: “The block offers well specified and well configured modern retail units in a historic city centre. Retailer demand for Cambridge remains strong and therefore we are confident of achieving secure long term growth prospects.”
Land Securities’ MD for retail, Richard Akers, said: “Proceeds of the sale are planned to be reinvested in larger retail assets with greater potential for improvement through asset management or development.”
Griffiths Eccles advised Land Securities and MMX Retail Henderson.
