Topland Group Holdings Limited has concluded the sale of its interest in the 50/50 Joint Venture with Tesco plc to Axial Investment Management, the company responsible for the investment and oversight of Pearl Group's funds.
The portfolio comprising 33 food stores and two distribution units was purchased by Topland in April 2004 for £675 million (c. €897m). The portfolio is let on 25-year leases subject to annual fixed increases and was sold following capital appreciation in line with the market.
Topland's interest was marketed by Mark Morgan of Morgan Williams to a limited number of parties and the deal was agreed eight weeks ago.
This deal substantially increases Topland's cash holdings at a time when it's looking to reinvest in the market.