Glenstone Property Group, the Midlands-based REIT, has sold 115 High Street, Guildford to Lothbury Investment Management for £5.65m – a 4.69% net initial yield.
The property is let to Phones 4U for a further 4.75 years. It was originally purchased in 2002 as part of a 32 property portfolio of shops let to Etam.
Duncan Kennedy, managing director of Glenstone, said: “This sale highlights our proactive strategy of maximising value on core assets and clearly demonstrates that there is still substantial demand for quality high street assets. Looking forward to 2011, Glenstone will continue to seek out suitable property companies for acquisition, many of whom may be able to take advantage of our REIT status.”
Jackson Criss and Jones Lang LaSalle advised Glenstone Property Group; Morgan Williams advised the purchaser.
annabel.dixon@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
