LaSalle Investment Management announced that it has completed the sale of Wey Retail Park, West Byfleet, on behalf of a pension fund client. The sale to ING was agreed at a price of £12.85 million (15.45 mln.), representing a net initial yield of 5.93%.
Located on the edge of the commuter town of West Byfleet, Wey Retail Park totals 35,760 ft² (3,310 m²), with tenants including Comet, Pets at Home, Paul Simon and Halfords. It benefits from a part fully open, part bulky planning consent.
Christopher Fry, fund manager at LaSalle Investment Management said, "This sale is great news for our client. It crystallizes the increase in value which has resulted from our success in splitting and re-letting the former MFI unit on the park and in widening planning consent."
LaSalle was advised by Wilkinson Williams and solicitors Wragge and Co.