Shell Pension Trust is rationalising its property portfolio by selling nine of its smaller industrial sites for £21.5m. The sale will provide an initial net yield of 8.75%, which will provide a reversionary yield of 9.25%
The trust’s portfolio mainly comprises sites based in the South, including schemes in Exeter, Tottenham, Bedford, Northampton and Truro. Threadneedle Properties, Ashtenne Holdings, Equitable Life, Legal & General and Henderson have all shown an interest.
Shell Pension Trust’s property portfolio is worth £540m, which equates to 5% of its total assets.
CB Hillier Parker is advising Shell.
EGi 07/07/00
