Scottish Mutual Assurance has bought 162,700 sq ft (15,114 sq m) of retail stock in Chester from the Universities Superannuation Scheme (USS) for £37m.
The sale of the stores, 47-69 Foregate Street, 36-42 Frodsham Street and 1-5 Frodsham Square, reflects a net initial yield of 6%.
Guy Williams of USS said: “The disposal allows us to adjust the weightings due to our extensive development programme: extending Telford Shopping Centre to more than 1m sq ft; developing Trinity Quarter in Leeds; and, in partnership with Grosvenor, Grand Arcade in Cambridge.”
DTZ Debenham Tie Leung acted on behalf of USS and Morgan Williams represented Scottish Mutual.
La Salle Investment Management advises USS on its £1.67bn property portfolio.
EGi News 04/02/03
