Liverpool Victoria Asset Management has sold a portfolio of four prime high street retail investments to Morley Fund Management, acting for Norwich Property Trust.
The sale follows Liverpool Victoria's purchase of The Meadows in Chelmsford last year, and was driven by the need to maintain a balanced portfolio.
The four properties were in Albion Street, Derby; Queen Street, Cardiff; North End, Croydon and King Street, Manchester. The portfolio sold for£24.7 million, which reflected a net initial yield of 5.78 per cent, will rise to 6.1 per cent on the settlement of outstanding rent reviews.
Cushman & Wakefield/ Healey & Baker advised the vendor. King Sturge acted for Morley. C&W/H&B partner David Erwin said: 'Our clients needed to adjust their sector weighting, and could see an opportunity to sell into a strong market. These four properties sat together extremely well as a group and, as we believed, they appealed to a number of institutional investors.'