Halladale Group Plc ('Halladale'), the UK property co-investment, trading and development company, announces the acquisition of the Larrick ('Larrick') portfolio from Oracle Estates for Â£15.85m.
The portfolio consists of eight retail properties in Blackpool, Brentwood, Didcot, Kettering, Rugeley, Brighton, Thetford and Ipswich. The price reflects a net initial yield of 6.5 per cent.
All of the properties are town centre retail units except the Blackpool unit which is a retail warehouse. Current tenants include WH Smith, Boots, Dixons, Thomas Cook and Argos. Senior debt was provided by Anglo Irish Bank.
Halladale was advised by Jackson Criss and Capital Retail.
David Lockhart, Chief Executive, commented:
'Each property presents a different opportunity to apply our active and entrepreneurial approach to asset management and our aim is to generate a significant return on the portfolio. Retail property is currently the strongest performing sector and these properties allow Halladale the opportunity to realise significant value for our shareholders.'