Henderson Global Investors buys Ashford Retail Park
Published: 09 May, 2011
Henderson Global Investors, on behalf of its £1.1bn UK Retail Warehouse Fund, has bought Phase 1 of the Ashford Retail Park in Kent for £14.25m, representing an equivalent yield of 5.4 per cent
The 55,021-sq ft site was purchased from The Local Authorities’ Mutual Investment Trust and as part of the deal LAMIT has taken £4.25m of units in the fund.
Phase 2 of Ashford Retail park is owned by West Midlands County Council Pension Fund which together with phase 1 provides a comprehensive retail offer with tenants including, Homebase, Argos, Boots and TK Maxx.
Michael Neal, fund manager for the Henderson UK Retail Warehouse Fund, said: “This transaction was firmly in line with our investment strategy of recycling capital into assets that provide upside potential from the delivery of asset management strategies. Ashford Retail Park is a prime asset and the best of its kind in the surrounding vicinity. As such, we believe it is ideally located to capitalise on the planned growth for the area.”
CCLA Investment Management is the fund manager for LAMIT. Wilkinson Williams and Camplin Bianco advised CCLA in the sale. Morgan Williams acted for Henderson.
