A joint venture vehicle managed by AEW Europe/Tristan Capital Partners and Mountgrange Investment Management LLP ("Mountgrange") has sold three high street retail assets from a portfolio acquired in September 2008.
The properties were sold to funds run by CBRE Investors for a total of £15.3 million (approx. €18.7 mln.)
12/16 Northgate, Chester, let to Miss Selfridge, achieved a price of £7 million, in line with the business plan aspirations of the joint venture. The second asset, 16 Packers Row, Chesterfield, was sold for £5.2 million after a number of rent reviews and lease re-gears were completed to add value. Finally, 39-40 High Street, Birmingham, was sold for £3.1 million following the completion of an extension of the lease to Levi Straus.
The joint venture managers were advised on this disposal by Savills and CBRE Investors was advised by King Sturge.
Rob West, partner at Mountgrange, said: "We are pleased to dispose of these assets at our projected business plan having completed a number of asset management initiatives over the period of ownership."
Source: The HeadLand Consultancy