Henderson Global Investors has sold Pentavia retail park in London on behalf of its £1.07 bn UK Retail Warehouse Fund.
Henderson Global Investors has sold Pentavia retail park in London on behalf of its £1.07 bn UK Retail Warehouse Fund.
The investment volume of £28 mln (€33 mln) reflects a net initial yield of 5.97%.
The park, totalling 8,630 m2, is let to Homebase, Argos and TGI Friday with an average unexpired term of one year and seven months.
'This sale was firmly in line with the fund’s strategic objectives,' said Michael Neal, fund manager for the Henderson UK Retail Warehouse Fund.
He added: 'By selling a short income asset and using the proceeds to deleverage and recycle into the existing portfolio, the fund enters the latter part of 2013 in great shape both in terms of its financial standing and its prospects for future performance.'
Henderson said it remains committed to the retail warehouse segment of the market, as retailers focus on the convenience, destination and experience factors delivered through trading from prime out-of-town locations.
Harvey Spack Field represented the buyer.
