Dutch investor, the Ibus Group, has bought a high street retail portfolio from Scottish Widows Investment Partnership for£23 million.
The portfolio includes stores in York, Windsor, Eastbourne, Norwich, Bromley and Brighton, and tenants include Orange, Boots The Chemist, WHSmith, Carphone Warehouse and Body Shop.
The portfolio produces a total rental income of£1.67 million a year, which implies a net initial yield of 6.9 per cent. Ten rent reviews are outstanding, and overall, the 30 tenancies have an average of 10 years unexpired.
Ibus is a privately-owned Dutch investment company with assets in the UK, US, France and the Netherlands. Over the past 12 months, it has sold all of its UK office investments, raising£17 million for reinvestment in retail.
CB Hillier Parker advised Ibus. Scottish Widows was advised by Lewis Ellis.
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