F&C REIT has sold off seven retail properties in the UK for a total of over £12 mln (EUR 13.7 mln). The retail units, which were sold to private buyers either through private transaction or auction, consist of 1,900 m[sup]2[/sup] of retail and office space.
F&C REIT has sold off seven retail properties in the UK for a total of over £12 mln (EUR 13.7 mln). The retail units, which were sold to private buyers either through private transaction or auction, consist of 1,900 m2 of retail and office space.
The properties are 17 James Street, Harrogate; 64 High Street, Guildford; 48 Albion Street, Leeds; 131-133 High Street, Sevenoaks; 18 Union Street, Bath; 22/23 Commercial Street, Newport Gwent; 119/119A High Street, Newport, Isle of Wight.
The disposals come after F&C REIT announced in April it had bought the Dawnay Day portfolio and its announcement two weeks ago of a £300 mln opportunities fund launch for distressed commercial property assets.
'We identified these retail units as those that would provide a good return due to the location and size and felt that they would be attractive in the current market to buyers. On some of these properties, Harrogate in particular, we received a yield that is approaching 2007 peak levels,' said Kevin McGrath, managing director of F&C REIT.
Smith Price acted for F&C REIT Asset Management.
