DIY giant B&Q has sold two of its prime retail warehouses to Standard Life for its Unit Linked Life Property Fund.
The properties, in Castlevale in Birmingham and Catesby in Doncaster, comprise around 110,000 sq ft each and were sold for £61m, a 4.83% initial yield.
Both are let to B&Q with unexpired terms of 20 years and 15 years respectively. Rents range from £12 per sq ft at Doncaster increasing to £15 per sq ft in 2008 to £17 per sq ft at Birmingham.
Terry Hartwell, group property director at B&Q Properties, said the assets had been sold to feed its development programme.
CB Richard Ellis acted for B&Q; Montagu Evans advised Standard Life Investments.
References: EGi News 13/01/06
