Legal & General Property, on behalf of its Linked Pensions Fund, has sold Brighton retail park in East Sussex to Scottish Widows Investment Partnership for £17.7m – a 5.08% net initial yield.
The 42,300 sq ft park is fully let to Marks & Spencer Simply Foods, Argos and Next, and has a weighted unexpired lease term of 15.68 years.
The disposal follows the letting of the ex-MFI store to M&S and a number of green initiatives.
Will Edwards, fund manager at Legal & General Property, said: “Following the successful letting to M&S, this disposal is in line with the fund’s strategy to crystallise the capital value uplift and to refresh the portfolio by reinvesting the sale proceeds into opportunities with strong real estate fundamentals with asset management potential.”
CBRE represented LGP; JLL acted on behalf of SWIP.
annabel.dixon@estatesgazette.com
