Standard Life Investments has appointed Strutt & Parker to sell a pair of retail parks in its Pooled Pension Property Fund and UK Shopping Centre Trust valued at £127.5m.
The larger of the two out-of-town schemes is the One Stop shopping centre in Berry Bar, Birmingham. The 345,500 sq ft retail park is being offered with an £87.5m asking price, reflecting a 6.68% yield.
The fund is also selling the Marlowes shopping centre in Hemel Hempstead, Hertfordshire, with a price tag of £40m – an 8% yield.
The 282,000 sq ft scheme has 75 shops and is anchored by Marks & Spencer.
The shopping parks join a wealth of retail assets currently being marketed by Standard Life.
The fund manager’s £800m UK Retail Park Trust is currently seeking buyers for almost a quarter of its assets by value, including the Brookfield retail park in Cheshunt, Hertfordshire, and Central Six in Coventry, Warwickshire.
The sales were prompted by the need to increase liquidity in the fund to meet redemptions from a significant proportion of its investors.
