Redevco, the Brenninkmeyer familyâ€™s property company, has sold ten former C&A stores to Standard Life for Â£51.4 million ($82 million). The portfolio includes properties in Colchester, East Kilbride, Gateshead, Grimsby, Harrow, Huddersfield, Leeds, Luton, Oldham and Warrington. Net annual rental income is Â£3.638 million.
In June 2002 Standard Life also bought ten stores from Redevco for Â£28.3 million. The rcently divested stores are all held on long leases in dominant shopping centres. Tenants include Next, Woolworths, Littlewoods, TK Maxx, Primark and H&M.
Redevco UK Managing Director Andrew Vaughan said: â€œWe continue to look for opportunities to acquire and actively trade the portfolioâ€.
(source: Redevco UK)