Henderson Global Investors has completed the sale of a 25% stake in the Brewery in Romford to Prupim for £44.25 mln (EUR 53 mln) on behalf of the £1 bn Henderson Retail Warehouse Fund. The price reflects a net initial yield of 6.06% for Prupim.
Henderson Global Investors has completed the sale of a 25% stake in the Brewery in Romford to Prupim for £44.25 mln (EUR 53 mln) on behalf of the £1 bn Henderson Retail Warehouse Fund. The price reflects a net initial yield of 6.06% for Prupim.
The scheme is let to some of the UK's leading retail and leisure operators including Sainsbury's, Boots, Gap, JD Sports, Bank, Vue cinemas and TK Maxx. Henderson will stay on as manager of the 4,924 m2 retail and leisure scheme.
The asset is the fund's largest and following sales undertaken from 2007 to 2009, coupled with the repayment of debt, the fund's weighting to this scheme had increased from 14% to 18%. This part sale re-aligns the fund's weightings while also creating capital which can either be used for new investments or recycled back into existing assets where further value-add asset management opportunities exist, the company said
Michael Neal, fund manager of the Henderson Retail Warehouse Fund, said: 'The asset has performed very well for the fund, particularly during the downturn, having provided the fund's strongest weighted contribution to performance over the three years to 31 December 2009.
Robert MacQueen, investment manager at Prupim added: 'The 25% stake in The Brewery, Romford has been acquired for one of Prupim's client funds as it fits our strategy of securing prime retail assets with defensive qualities in what continues to be a challenging occupier market.'
Cushman & Wakefield and Morgan Williams advised Henderson on the disposal. Prupim was represented by King Sturge.