A £300m portfolio of retail parks owned by British Land’s £1.5bn Hercules Unit Trust is to be brought to market by CBRE.
The Project Orange portfolio comprises the Parkgate shopping park in Rotherham, Yorkshire; Hatter’s Way Retail Park in Luton, Bedfordshire; the Crown Wharf Shopping Park in Walsall; and the Hylton Riverside Retail Park in Sunderland, Tyne and Wear.
British Land became majority owner of HUT last year, increasing its stake to 66%.
The 575,000 sq ft Parkgate Shopping Park is largest property in the portfolio. The £190m centre is anchored by a Morrisons supermarket and comprises 38 shops.
The 174,710 sq ft Crown Wharf Shopping Park is valued at around £70m and the Hylton Retail Park is valued at around £26m.
Hatter’s Way is the smallest of the parks and is valued at around £20m.
The sale is expected to appeal to the large number of fund managers that have raised large pools of cash to invest in secondary retail, given their preference to invest at scale.
