UK - Wilky Fund Management has sold a Waitrose supermarket store in Cheadle Hulme on behalf of the Merchant Navy Officers Pension Fund, which is considering reducing its real estate exposure.

The pension fund has owned the 41,400 square foot Waitrose since 2000 and has sold the supermarket for £15.6m (€17.5m), reflecting a net initial yield of 4.6%.

Mark Frost, director at Wilky, confirmed the transaction, although it was not totally clear whether the Merchant Navy Officers fund is reducing its exposure tactically or made the move as part of a change in its strategic asset allocation.

Cushman & Wakefield acted for the buyer and Savills represented the unnamed buyer.