Pillar, the property investment and development company, has sold two investment properties for £22m. Equitable Life has purchased the Asda superstore at Small Heath, Birmingham, for £17.3m while an overseas investor has bought Data Sciences House, Sunbury, Surrey,for £4.75m .
The Small Heath deal reflects a yield of about 7% while Data Sciences House generates £460,000 pa. The disposals are in line with Pillar’s strategy of repositioning its portfolio. In future it will acquire assets which can be improved through intensive management before being sold to institutional investors.
- Financial Times 26/6/96 page 28
- The Times 26/6/96 page 28
