Halladale Group Plc sells The Baytree Centre ("Baytree") in Brentwood, Essex, to property fund O Twelve Estates Ltd for €57.5 (£41.6 mln). The price reflects a net initial yield of 4.78 per cent.
Baytree, Brentwood's principal covered shopping centre, acquired in February 2002 for €10 million (£7.25 mln) represented the first major purchase by Halladale Ventures, Halladale's co-investment joint venture with Bank of Scotland Corporate. The acquisition included the purchase of Becket House, ("Becket House") a vacant 20,187 m² office building.
In June 2004 Halladale announced the €12.5 million (£9 mln) acquisition from Brentwood Borough Council of the freehold interest in Baytree and Becket House. Additionally, the Council granted Halladale planning consent for both the redevelopment of the centre and the conversion of Becket House in to 106 residential units. Subsequently, in June 2005, Halladale disposed of Becket House to Barratt Homes Ltd for €9.7 million (£7 mln).
Since the acquisition, Halladale has completed a complex and extensive redevelopment of the site including a comprehensive refurbishment and extension of the shopping centre with Baytree now consisting of 31 units totalling 41,291 m². Construction works were completed and Baytree was officially re-opened in December 2005 with new tenants including Wilkinsons, Somerfield, WH Smith, Body Shop, Baby Gap, Bon Marche and FOPP.