Land Securities has sold Christ's Lane, a prime high street asset in Cambridge, to Henderson Global Investors for £33.16 million (approx. 39 million) at a 5.25% net initial yield.
Land Securities MD for Retail, Richard Akers, said: "With Christ's Lane, we created a quality mixed-use project in the heart of Cambridge. The fully let scheme with large shop units and modern flats was built in keeping with the area's heritage and attracted new retailers to Cambridge.
"Proceeds of the sale are planned to be reinvested in larger retail assets with greater potential for improvement through asset management or development."
Jamie Johnson, Fund Manager at Henderson Global Investors said: "This transaction represents a key part of our investment strategy and is consistent with our wider business plan. The block offers well specified and well configured modern retail units in a historic city center. Retailer demand for Cambridge remains strong and therefore we are confident of achieving secure long-term growth prospects.
"We remain confident on the outlook for good quality high street retail blocks in prime areas across the UK and will continue to make acquisitions of this nature where our key return criteria are met and where we are confident that the investment will outperform for our investors."
Griffiths Eccles has acted on behalf of Land Securities and MMX Retail on behalf of Henderson Global Investors.
Source: Land Securities/Henderson Global Investors