HERALD sells Belgian retail park

Henderson European Retail Property Fund (HERALD) has sold Hedera retail park in Roeselare, Belgium, to Retail Estates NV for £8.4m (€10m). The deal reflects a 7% initial yield. The asset, which comprises 71,700 sq ft, was sold for 15% more than its December 2009 valuation. Its biggest tenant is sports retailer Decathlon. David Turner, fund manager for HERALD, said: “Our strategy for the fund is to select retail investments that can be actively managed to add value and achieve rental growth. The retail park in Roeselare no longer fitted in with this strategy, and given the risk associated with the three yearly statutory break options, this was the best time in the cycle to sell.” “The fund continues to actively pursue investment opportunities in France, Germany and Italy, acquiring assets at attractive yields with secure income flows. The proceeds from this sale will increase the equity available to spend on new investments to approximately €65 million.” Cushman & Wakefield advised Henderson.   annabel.dixon@estatesgazette.com   To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.