Property News - Legal & General spends £19m on Reading scheme

Royal London Asset Management has sold a multi-let retail scheme at Reading in Berkshire to Legal & General for£19.6 million, reflecting a blended net equivalent yield of 6 per cent.

The former Littlewoods department store, which has frontages to Friar Street and Broad Street, was split up into smaller units in 1998. Tenants now include Next, Schuh, Superdrug, Fuller Smith & Turner and Littlewoods on leases that are due to expire between 2015 and 2023.

Jones Lang LaSalle advised the vendor. Director Rory Houston said: 'This is one of the most significant institution-to-institution UK high street transactions of the year. The timing suited our client in the restructuring of its portfolio.'

Churston Heard advised Legal & General.