The Hercules Income Fund ('HIF'), a closed-ended Jersey based Property Unit Trust, specialising in investing in smaller UK retail parks, has completed over €80 million (£58.5 million) of transactions.
- HIF has entered into a forward funding agreement with Bridehall Group for a retail warehouse development located on Worcester Road, Evesham for a total consideration of approximately €28 million (£20 million). The site which is close to Evesham's town center, opposite a Tesco food supermarket has been acquired with vacant possession and it is anticipated that consent can be obtained for a new Open A1 scheme of up to 40,000 ft². The purchase reflects an initial yield of 4.53%.
- In the second transaction, HIF has completed the sale of the 26,000 ft² Wickes unit on Lower High Street in Watford to an in-house client of CBRE Investors for approximately €19 million (£14 million). The sale reflects an initial yield of 4.39%.
- HIF has also exchanged contracts with another in-house client of CBRE Investors on the sale of a two-unit retail warehouse scheme on Finnieston Street, Glasgow for approximately €20 million (£14.5 million), reflecting an initial yield of 4.19%. Located one mile west of Glasgow City Centre, the property provides 38,400 ft² of accommodation.
- Finally, the B&Q on Uxbridge Road, Hayes, has been sold at auction for approximately €14 million (£10 million). The 41,401-ft² unit, together with a garden centre of approximately 9,515 ft² unit, has been sold to a private investor.
Commenting on the transactions, Andrew Jones, Director of British Land Property Advisers Limited, Property Adviser to the Trust said: "We continuously review the portfolio and considered it an opportunistic time to realise the value created in the schemes and recycle the capital into larger assets, such as Evesham, which can fully benefit from our asset management skills."