Henderson Global Investors, on behalf of the £1-billion Henderson Retail Warehouse Fund, has completed the sale of a further 25% stake in the Brewery in Romford to PRUPIM, on behalf of its M&G Pooled Pension Property Fund, for £44.5 million (approx. 54 million).
The scheme is let to some of the UK's leading retail and leisure operators including Sainsbury's, Boots, Gap, JD Sports, Bank, Vue cinemas and TK Maxx.
The retail and leisure scheme which comprises 530,000 ft² (approx. 49,000 m²) will continue to be managed by Henderson.
Michael Neal, fund manager of the Henderson Retail Warehouse Fund, said: "This sale is fully in accordance with the Fund's strategy to maintain a well balanced and diversified portfolio of prime retail warehouse assets. The sale provides the Fund with a strong balance sheet to acquire new assets and to fund the many other exciting value creating asset management opportunities inherent within the existing portfolio".
"Our specialist retail warehouse asset and investment management expertise backed by dedicated leading edge retail research continues to position the Fund in good shape having delivered returns in excess of 60% over the last 12 months."
Cushman & Wakefield and Morgan Williams advised Henderson; King Sturge acted for PRUPIM.
Source: Henderson Global Investors