Junction sells in Maidstone
Published: 05 August, 2011
Capital & Regional’s Junction Fund has soldSouthAylesfordRetailPark,Maidstoneto The Crown Estate for £70.6m
The Junction Fund has owned the retail park since January 2002. The scheme is fully occupied, the most recent transactions being the letting of 24,700 sq ft to DSG for a combined Currys and PC World store and a regear with Pets at Home. The sale price reflects a nett initial yield of 5.87 per cent.
The Junction Fund has disposed of the property as part of its strategy to focus on those properties that have greater asset management or development opportunities.
The sale ofSouthAylesfordRetailPark, Maidstone is the third disposal by the Junction Fund to The Crown Estate, followingOceanRetailPark,Portsmouthin March 2011 andMorfaShoppingPark,Swanseain June 2011.
Following completion of this sale the Junction Fund bank debt will have been reduced by 63 per cent since May 2009.
