In a part cash, part property swap deal, the West Midlands Metropolitan Authorities Fund has bought a 12.5 per cent stake in the Fort shopping park in Birmingham from British Airways Pension Fund for£26.5 million.
British Airways took West Midlands' three units on the Deane Retail Park in Taunton, Somerset, as part payment, with a cash top-up. But the BA Pension Fund retains an interest in the£200 million Fort park, which it co-owns with Clerical Medical & General Life Assurance Society and Henderson Retail Warehouse Fund.
With rents reaching£50 per sq ft (£540 per sq m), the Fort is one of the country's highest-rented shopping parks. It comprises 24 units and five restaurants totalling 260,000 sq ft (24,155 sq m) of space. In addition to fashion retailers such as Next and Burtons, the park also houses WHSmith, HMV, Bhs and Sports Soccer.
Healey & Baker Investment Managers acted jointly with Edgerley Simpson Howe & Partners on behalf of West Midlands Metropolitan Authorities Pension Fund.
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