Freehold Portfolios, the investment property firm launched by James Ritblat last year, has closed a £30m deal to buy 36 High Street stores from Sears Properties Netherlands.
The acquisition – which reflects a 7% yield – takes Freehold one step closer to completing a £250m investment acquisition programme this year. Purchases totalling £150m have already been made.
The stores are predominantly let to Stylo Barratt and trade under the Hush Puppies banner. Stylo bought the Hush Puppies name from Sears in August last year as the retailer made efforts to improve flagging profitability. Most of the stores are held by Stylo on new 15 year leases at rents of between £322.9 per sq m (£30 per sq ft) and £1,722 per sq m (£160 per sq ft).
Mason Philips acted for Freehold Portfolios, while Healey & Baker acted for Sears.
EGi News 06/02/97
