Henry Boot has moved back into a net cash position after the sale of two UK sites, it announced this morning.
The developer has sold the Ayr Central shopping centre for £33.8m, reflecting a net initial yield of 6.25%.
The 180,000 sq ft shopping centre, anchored by Debenhams and Primark, was sold to Sovereign Land and AREA Property Partners.
Springford & Co and Savills acted for HBD and King Sturge represented Sovereign Land.
Hallam Land Management, the strategic land arm of Henry Boot, has sold land to housebuilders Barratt and Bovis Homes for an undisclosed sum. The site in Buckingham has planning permission for 700 homes.
Hallam Land is retaining a 2.5 ha neighbouring site, for which it has permission to develop for employment use.
Irwin Mitchell and Savills acted for both the landowners and Hallam Land.
Jamie Boot, group managing director of Henry Boot, said: “The completion of these two transactions will result in the group moving to a net cash position. These deals were included in management’s forecasts for 2011 and confirm that the market for high-quality retail assets and greenfield development sites in good housing locations is reasonably strong.
“Completing these transactions so early in the period is very pleasing and gives us a strong start to the year.”
helen.roxburgh@estatesgazette.com
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