The EUR 930 mln Henderson European Retail Property Fund (Herald ) has completed the sale of Hedera Retail Park in Roeselare, Belgium, to Retail Estates NV for EUR 10 mln. The asset, which comprises 7,174 m[sup]2[/sup] of retail space and whose biggest tenant is Decathlon, was sold for an amount 15% above the December 2009 valuation and reflects an initial yield of 7%.
The EUR 930 mln Henderson European Retail Property Fund (Herald ) has completed the sale of Hedera Retail Park in Roeselare, Belgium, to Retail Estates NV for EUR 10 mln. The asset, which comprises 7,174 m2 of retail space and whose biggest tenant is Decathlon, was sold for an amount 15% above the December 2009 valuation and reflects an initial yield of 7%.
David Turner, fund manager for Herald, said: 'Our strategy for the fund is to select retail investments that can be actively managed to add value and achieve rental growth. The retail park in Roeselare no longer fitted in with this strategy, and given the three yearly statutory break options, this was the best time in the cycle to sell.
'The fund continues to actively pursue investment opportunities in Western Europe, acquiring assets at attractive yields with secure income flows. The proceeds from this sale will increase the equity available to spend on new investments to approximately EUR 65 mln.'
Cushman & Wakefield advised Henderson on the disposal.
