Agent CBRE has been instructed by privately-owned property company, Topland Group to divest a 320,000 m2 package of high street assets in the UK, originally acquired in a larger sale-and-leaseback deal with retailer M&S.
The portfolio, which contains 13 London assets including M&S stores in Camden, Chiswick, Clapham and Putney, generates a combined annual rent of £31 mln (€40 mln) and is estimated to be worth in the region of £500 mln (€683 mln), with a net initial yield of 5.87% rising to 6.92% through annual escalations.
‘This is a fantastic portfolio, which will offer investors the rare opportunity to acquire a perfect mix of prime high street units, 95% of which are let to one of the UK’s leading retailers,’ said Peter Arduino, capital markets executive director at CBRE.
He added that the portfolio not only provided a stable income on fixed uplifts but also 'valuable' asset management opportunities. 'There is no doubt it will attract significant interest from the current UK and global market, which is currently lacking a supply of interesting stock.’
