Aberdeen Standard Investments’ UK Property Fund has put three more retail parks on the market, in a bid to substantially cut its exposure to the sector.
Although individually marketed, the fund aims to sell the parks in Beckton, Bristol and Reading as a portfolio for a combined £94.5m. It has appointed Montagu Evans to sell the properties.
The largest of the three is its retail park in Beckton, E6, which is up for sale for £46m. A deal at this price would represent a net initial yield of 8.55%.
It has nine retail warehouse units and two restaurant pods totalling 138,082 sq ft, with tenants including Currys PC World and Dunelm.
In Bristol, Aberdeen Standard is seeking £26.45m for its Brislington Retail Park – a net initial yield of 8.75%. The scheme comprises 11 retail warehouse units and one restaurant pod, totalling 150,472 sq ft. Tenants include B&M, TK Maxx and PureGym.
The 121,939 sq ft Brunel Retail Park on Rose Kiln Lane in Reading has a price tag of £22m – a 7.29% yield. It is anchored by B&M and Go Outdoors.
The fund has been making a significant push to cut down its exposure to the retail sector. As at 30 June, retail accounted for 56.4% of its 44 holdings.
It takes the total number retail parks that the fund is aiming to offload to four. In recent weeks, the fund put Hermiston Gait in Edinburgh up for sale for £75m through Savills, which would reflect a 7.5% yield.
Meanwhile, its retail park in Basingstoke is understood to have sold recently for around £20.8m – reflecting a yield of circa 6.6%.
All parties declined to comment.
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