The Crown Estate has agreed its first directly owned regional retail asset disposal, selling Apsley Mills retail park.
The group has exchanged contracts to sell the 98,000 sq ft retail park in Hemel Hempstead, Hertfordshire, to Royal London Asset Management for £37m – a circa 5.3% yield.
Apsley Mills is let to retailers including Carpet Right, Currys, Homebase and Wren Living.
The sale comes more than three years after the Crown bought the park for £35m from Invesco Real Estate in 2011.
The Crown has been rebalancing its portfolio, selling off non-core assets to focus on the West End, rural land, offshore wind energy and dominant
out-of-town retail assets.
Recent acquisitions include the 560,000 sq ft Leicester shopping scheme Fosse Park, in joint venture with Chinese sovereign wealth fund Ginko Tree Investment, the 145,000 sq ft Coliseum shopping park in Cheshire Oaks and the 200,000 sq ft Silverlink shopping park outside Newcastle upon Tyne.
The Crown Estate has agreed its first directly owned regional retail asset disposal, selling Apsley Mills retail park.
The group has exchanged contracts to sell the 98,000 sq ft retail park in Hemel Hempstead, Hertfordshire, to Royal London Asset Management for £37m – a circa 5.3% yield.
Apsley Mills is let to retailers including Carpet Right, Currys, Homebase and Wren Living.
The sale comes more than three years after the Crown bought the park for £35m from Invesco Real Estate in 2011.
The Crown has been rebalancing its portfolio, selling off non-core assets to focus on the West End, rural land, offshore wind energy and dominant
out-of-town retail assets.
Recent acquisitions include the 560,000 sq ft Leicester shopping scheme Fosse Park, in joint venture with Chinese sovereign wealth fund Ginko Tree Investment, the 145,000 sq ft Coliseum shopping park in Cheshire Oaks and the 200,000 sq ft Silverlink shopping park outside Newcastle upon Tyne.
annabel.dixon@estatesgazette.com
