Local Authority Mutual Investment Trust shops in Reading

  The Local Authority Mutual Investment Trust has bought two retail units in Reading from LaSalle Investment Management on behalf of the HSBC Bank Pension Trust, for £7.5m, a net initial yield of 5.54%.   The shops, 89 & 89a Broad Street, were converted from a Grade II Listed chapel by Chartwell Land in 1994, and are let to retailers Waterstones and Monsoon.   LaSalle fund manager Julian Agnew said: “This sale vindicates our strategy to invest heavily in the retail sector over the last two years with yields improving since the start of last year.  We expect this trend to continue with the weight of money wishing to come back into the sector.”    Colliers CRE advised LaSalle; Lewis & Tucker acted for The Local Authority Mutual Investment Trust.   patrick.clift@estatesgazette.com