Sainsbury’s has confirmed the sale of its Colney Fields Shopping Park (pictured) in London Colney, near St Albans, to Legal & General (L&G) for £62.2m.
The deal reflects a net initial yield of 4.4%.
Colney Fields comprises five recently completed units next to Sainsbury’s London Colney store on Barnet Road.
The units total 59,107 sq ft (5,491 sq m) and are prelet to Borders, Boots, Next and Sports World, with one 5,500 sq ft unit remaining vacant.
Ashworth Sibal Welch represented Sainsbury’s. DTZ Debenham Tie Leung represented Legal & General.
Universities Superannuation Scheme (USS) was poised to buy Colney Fields for £63m in August, but later pulled out of the deal.
References: EGi News 06/10/04
