Miller Developments has sold four former Co-op stores to Threadneedle.
Threadneedle, on behalf of Allied Dunbar Assurance, paid £40.75m for the stores, which are located in Doncaster, Birkenhead, Bath and Swansea.
The sale price reflects a yield of 7.6%.
The stores, which total over 288,000 sq ft (26,755 sq m), are let to multiple tenants including Gap and JD Sports for the next 13 years.
The stores were originally bought by Miller in 1999 as part of the £70m Co-operative Retail Society portfolio, which included 46 retail stores across the country.
Phil Miller, managing director of Miller Developments, said: “This sale brings to a close our involvement with the CRS portfolio.
“The sale leaves us extremely liquid, and we are keen to reinvest the proceeds in a similar asset management opportunity.”
Colliers CRE advised Miller, while Churston Heard acted for Threadneedle.
EGi News 16/08/02
