Halladale, the AIM-listed co-investing property company, has disposed of the Baytree Centre in the UK to property fund O Twelve Estates for £41.6 mln (EUR 61.7 mln). The price reflects a net initial yield of 4.78%.
Halladale, the AIM-listed co-investing property company, has disposed of the Baytree Centre in the UK to property fund O Twelve Estates for £41.6 mln (EUR 61.7 mln). The price reflects a net initial yield of 4.78%.
The acquisition of Baytree, the principal covered shopping centre in the Essex town of Brentwood for £7.25 mln in February 2002 was the first major purchase by Halladale Ventures, Halladale's co-investment joint venture with the Bank of Scotland Corporate. The deal included the purchase of Becket House, a vacant 66.230 sq ft (6,152 m2) office building.
Halladale acquired the freehold of both properties for £9 mln in June 2004 from Brentwood Borough Council. Granted planning permission for redevelopment, Halladale converted Becket House into 106 residential units and sold it to Barratt Homes for £7 mln.
Baytree mall also underwent extensive refurbishment and extension before re-opening in December 2005 with 31 retail units on 135,470 sq ft (12.585 m2). The new tenants included Wikinsons, Somerfield, WH Smith, Body Shop. Baby Gap Bon Marche and FOPP.
Halladale was advised by Jackson Criss and Colliers CRE in the disposal of Baytree and O Tweleve Estates was advised by Awbrey Lapsa.
