Gibraltar Limited Partnership (a 50:50 joint venture between HUT and The Crown Estate) today announced the sale of Leamington Shopping Park to Ignis UK Property Fund for £72 million (approx. €88.63 million), representing a net initial yield of 4.4%.
British Land's (the scheme's property adviser) asset management expertise has transformed the scheme from a traditional bulky goods retail park into a fashion-led shopping park. The scheme was extensively refurbished in 2009 and almost every unit has been either re-let or reconfigured. Debenhams opened a department store in October 2013 and Caffe Nero took its first out-of-town unit at the park. The original line-up included Focus, MFI, Harveys and Rosebys. Occupiers now include anchor Debenhams, Outfit, Next, New Look, Mamas & Papas, Boots, Clarks and Frankie & Benny's.
Charles Maudsley, Head of Retail for British Land, said: "We have realized significant value at Leamington Shopping Park by transforming it into an attractive and successful shopping destination. That value has been recognized by the market and the sale demonstrates both the strong UK institutional demand for the right type of product and confidence in the prospects for the retail occupational market."
George Shaw, Investment Director at Ignis Real Estate and lead manager on the Ignis UK Property Fund said; "We are delighted to acquire such a high quality asset which offers further opportunity through asset management to increase and enhance the income profile and returns. The asset will prove a valuable addition the Fund's portfolio."
Gibraltar represented itself. Ignis was represented by CWM Out of Town LLP.
HUT is advised by British Land and managed by Schroders.
Source: British Land