Property News - Halladale sets up £17.2 million joint venture

Property company Halladale has launched its new joint venture with the Kodak Pension Fund - The Halladale Opportunity Fund Limited Partnership - with the£17.2 million purchase of a retail warehouse in Stockton-on-Tees. Halladale will manage the fund, with a brief to invest an initial£50 million in properties that reward active management. The property comprises a 12,000 sq m retail warehouse unit let to Woolworths' Big W, with more than 13 years unexpired on the lease, plus an adjoining development site with planning consent for an additional 2,300 sq m of retail warehousing. The deal reflects an initial yield of 7.75 per cent.