Midland Bank Pension Fund Trust has completed a £36m property swap with Sainsbury.
Midland has sold the Tollbar Centre, in Hedge End, to Hedge End Park – a joint venture between Sainsbury and Marks & Spencer. It consists of 10,406 sq m (112,000 sq ft) distribution warehouse and 3,250 sq m (35,000 sq ft) of offices let to Whitbread at £950,000 pa.
At the same time, Midland Bank has bought Sainsbury’s 32,515 sq m (350,000 sq ft) distribution warehouse at Shire Business Park in Worcester. The unit is let to Sainsbury at £1.6m pa.
At the same time Sainsbury has sold its interest in a 10,406 sq m (112,000 sq ft) retail warehouse in Hedge End, Eastleigh, to the Fund. Sainsbury is the tenant in both units which have a combined value of £36m.
Jones Lang Wootton advised Midland Bank, while Healey & Baker represented Sainsbury.
EGi News 29/08/96
