Fund managers are preparing to bring close to £300m of retail parks to market.
Schroder Investment Management, on behalf of Equitable Life, has appointed CBRE and Wilkinson Williams to sell the fund’s two remaining retail parks – the 155,000 sq ft Coliseum at Cheshire Oaks and 217,000 sq ft Anglia retail park in Ipswich, Suffolk – for £120m, a 6.3% yield.
Resolution Property is also considering a £125m – a 6.5% yield – sale of a 103,400 sq ft B&Q in Sunderland, 168,500 sq ft Great Western retail park in Glasgow and 142,000 sq ft Templars retail park in Oxford. CBRE and Harvey Spack Field have been lined up to handle the sale.
Scottish Widows Investment Partnership, LaSalle Investment Management and Aberdeen Asset Management are also offloading out-of-town properties. They are selling a 40,000 sq ft Homebase in Staines, Surrey, the 101,500 sq ft Lady Bay retail park in Nottingham and 98,000 sq ft Suffolk retail park in Ipswich, for £15.8m, £18m and £20m respectively.
Drew Moore, partner at Wilkinson Williams, said: “Deal volumes have generally been depressed so far in 2012 and it has led to some pent-up demand in the market. Combine that with an increase in confidence and out-of-town looks robust.”
CBRE is advising Aberdeen; Wilkinson Williams is acting for LIM; Jones Lang LaSalle is representing SWIP.
annabel.dixon@estatesgazette.com
