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
-
Michelin Key Hotels 2025: the top destinations in the worldThe Michelin Keys have been awarded to spectacular hotels across the world. From Marlon Brando's private resort in Polynesia to a Bvlgari hotel in Tokyo, we look at some of the most extraordinary stays in 2025
-
MoneyWeek news quiz: How much could you get in car finance compensation?The car finance scandal, inheritance tax, and house prices all made headlines over the past few days. Test your knowledge while reviewing this week’s top stories with MoneyWeek’s news quiz
