Coal Pension Properties (CPP) has bought Guardian Assurance’s 50% freehold interest in Castle Meadow retail park in Nottingham for £27.85m. The deal reflects an initial yield of 4.17%. The 14,060 sq m (151,343 sq ft) out-of-town scheme generates £2.45m pa.
Tenants of Castle Meadows’ 13 units include Comet, Curry’s, Halfords, Homestyle, DFS, PetsMart and Furnitureland. About 1.1ha (2.77 acres) remains available for development.
The deal follows last month’s sale of the main Guardian portfolio of 78 properties to Scottish Widows for over £700m.
Jones Lang LaSalle advised Guardian Assurance. Wilkinson Williams, acting on behalf of LaSalle Investment Management, bought the park for CPP. Funds Morgan Grenfell Custodial Services and Stralo own the other half share in the scheme’s freehold.
EGi News 20/07/00
