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.
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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.
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