GE Capital has clinched £22.2m worth of retail deals in two new joint venture partnerships with the Chainbow Group and Eaton House.
The commercial property arm of GE has secured an £18m portfolio with the Chainbow Group. The seven secondary retail parades and centres have been put into a newly formed limited partnership, Neighbourhood Retail. The deal showed an overall initial yield of 10.7%.
The properties include three shopping centres: Meadway Precinct, Tilehurst; Newlands Precinct, Witham; and Avon Place in Melksham. Also part of the deal are four parades in Borehamwood, Pinner, Whitton and Dover.
The portfolio produces a total rent of £1.93m pa. Chainbow will manage the portfolio. Nelson Bakewell and Chase & Partners acted for the purchasers.
Eaton House and GE have acquired a £4.2m portfolio of retail properties from Bourne End, reflecting a net initial yield of 11.8%.
It includes property in Denmark Hill, SE5; Walthamstow, E17; New Addington, and Lingfield. The portfolio produces a gross retail income of £520,000 pa from 70 tenants.
Gooch Webster acted for GE Capital and Eaton House. Bourne End represented itself.
GE Capital’s Mark Collins commented: “This deal, our second with Eaton House, continues our active strategy of investing together with skilled operating partners. We have undertaken £91m of such activity this year.”
