British Land sells stake in Hercules Income Fund
Real estate investment group British Land has completed the sale of its 26.1 per cent interest in the Hercules Income Fund (HIF) to clients of LaSalle Investment Management.
Real estate investment group British Land has completed the sale of its 26.1 per cent interest in the Hercules Income Fund (HIF) to clients of LaSalle Investment Management.
The transaction, which represents a total property value of £72m (British Land's share £19m) and net initial yield of 6.5%, is slightly ahead of the March 2012 valuation.
The 293,700 square foot portfolio comprises seven retail warehouse properties (in Barnstaple, Evesham, Hove, Uddingston in Glasgow, Newton Abbot, Plymouth and Weymouth) and total contracted rent of £4.7m per annum.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Over the last three years British Land, as asset manager for the fund, has generated £1.0m of additional rent through a number of initiatives.
Charles Maudsley, Head of Retail for British Land, said: "This sale has allowed us to realise the benefits of our asset management at just above book value, as well as continuing to recycle British Land's capital in line with our overall approach."
The share price fell 0.37% to 542p by 14:22.
NR
-
Best places to live in England and Wales in 2026 – and how much they costCriteria like value for money, natural beauty, good schools, jobs and a high quality of life are key for those looking at areas to buy a house – but how much will it cost you to live in a high ranking town or city? We reveal the best places to live in England and Wales.
-
London house prices: Is the capital's property boom over?Buyers and investors have always been drawn towards the capital’s property market. But as house prices stall, is the market as lucrative as it once was and are buyers and investors still interested?
