Standard Life Investments has paid LaSalle Investment Management£89 million for two Midlands retail parks.
The 203,395 sq ft (18,895 sq m) Crossley Retail Park is located on St Mary's Ringway at Kidderminster. Its rent roll of£3.3 million a year reflects rents of£15.50 to£17.50 per sq ft (£167 to£188 per sq m), and the sale price reflects a net initial yield of 6.24 per cent.
Meanwhile, the 107,665 sq ft (10,000 sq m) Princess Alice Retail Park at Sutton Coldfield has an open A1 non-food planning consent, plus food consent for one of the units. The park produces an annual rent of£1.9 million, at rents of£19.95 to£23.50 per sq ft (£215 to£255 per sq m). The net initial yield is 4.43 per cent.
Standard Life was advised by Edgerley Simpson Howe & Partners. LaSalle was represented by Wilkinson Williams.
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