Pillar and its affiliate sell three retail parks and buy one (UK)

Pillar Property Group plc said its affiliate, the Hercules Trust Unit, has sold its 100% stake in Fosse Park, Leicester for £308m.

The retail park, which was bought by Hercules in 2001, has been sold to clients of REIT Asset Management.

The property group said Hercules is to buy the Parkgate Shopping park in Rotherham for 260 mln stg from the Stadium Group while it has sold Newport Retail Park for 60 mln stg, to Stadium, in the same transaction.

Pillar owns 34.42 pct of Hercules.

Meanwhile, Pillar Property itself has sold the Manchester Fort retail park for 167.3 mln stg to the Universities Superannuation Scheme.

Valentine Beresford, a director at Pillar said: 'The acquisition of Parkgate, one of the UK´s largest Open A1 shopping parks, is a significant transaction for Hercules which comes at the same time as the sale of Fosse Park, Leicester.'

Source: Freeman

Related News