CBRE Global Investors has acquired four high street retail assets from Legal & General Property’s Life Fund for £37m, a net initial yield of 3.9%.
The assets, acquired on behalf of clients, are all located in the High Street, Guildford, Surrey; North Street, Guildford; the Promenade, Cheltenham; and Market Hill, Cambridge.
The portfolio has an average unexpired term of nine years; tenants include M&S, Waterstones, GAP, Jack Wills and Hobbs.
Hannah Marshall, fund manager for the CBRE UK Property Fund at CBRE Global Investors, said: “The continued strong performance of regional cities such as Cambridge, Cheltenham and Guildford makes these prime high street assets an excellent strategic acquisition.”
James Whitehill, senior fund manager at Legal & General Property, said: “We have a clear investment rationale of disposing of mature assets in order to recycle capital into properties where we can use asset management to generate returns.”
JLL acted for Legal & General Property; Fawcett Mead advised CBRE Global Investors.
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