Royal London Mutual Insurance Society (RLMIS) has sold three industrial buildings in the West Midlands and the North West for a total of over £26m.
RLMIS has made a strategic decision to shed its larger industrial buildings and to concentrate on asset management, following its merger with Scottish Life and United Friendly Assurance Society.
A 20,530 sq m (221,000 sq ft) distribution warehouse at Moxley, near Bilston in the West Midlands, has been sold to Prudential Portfolio Managers Life Fund for £11m, reflecting a net initial yield of 8.04%.
The warehouse is let to Index and guaranteed by Littlewoods. DTZ Debenham Tie Leung advised Prudential.
RLMIS has also sold its 14,213 sq m (153,000 sq ft) warehouse – SLB Holdings’ headquarters – at Bilston to Canada Life for over £7m, at an initial yield of 8.18%.
North Rae Sanders advised Canada Life.
Meanwhile, the charity Christian Vision has bought a 17,372 sq m (187,000 sq ft) Post Office building in Chester from RLMIS for £8m, at an initial yield of 7.65%.
Bolton Birch advised Christian Vision.
EGi News 23/08/01
