Halladale Group has disposed of its remaining interest in Woodley shopping centre, Reading, for £11.175m.
The final £11.175m disposal was in two parts. 116/128 Crockhamwell Road, Woodley, was sold to an institutional investor for £3.425m, reflecting an initial yield of 5.63%.
81/107 Crockhamwell Road, Woodley was sold to Schroders ERPUT for £7.75m, reflecting an initial yield of 6.41%. Both properties were sold with outstanding rent reviews.
In November 2003, Halladale sold two shops at Woodley, let to Waitrose and New Look, to a private investor for £8.11m. This disposal followed Halladale’s restructuring of the lease with Waitrose, agreeing an extension to December 2027.
Halladale acquired the long leasehold to Woodley for £7.6m in November 2001 and the freehold from Wokingham council in April 2003 for £4.85m.
The Woodley project was completed through a special purpose joint venture partnership in which the partners are Halladale, Citigroup Alternative Investments and clients of CAI.
Jackson Criss acted for Halladale, Cushman & Wakefield Healey & Baker advised Schroders ERPUT and Reid Rose Gregory advised the institutional investor.
References: EGi News 27/04/04
