Hercules Unit Trust ('HUT'), the specialist retail warehouse fund advised by British Land and managed by Schroders, has completed the sale of its Borehamwood Shopping Park in Borehamwood, UK. The buyer was a fund advised by LaSalle Investment Management. The total investment volume came to £80.6 mln (EUR 85 mln).
Hercules Unit Trust ('HUT'), the specialist retail warehouse fund advised by British Land and managed by Schroders, has completed the sale of its Borehamwood Shopping Park in Borehamwood, UK. The buyer was a fund advised by LaSalle Investment Management. The total investment volume came to £80.6 mln (EUR 85 mln).
The Borehamwood Shopping Park comprises about 20,000 m2 of retail space over 23 units, located adjacent to Borehamwood High Street. The scheme was originally acquired by HUT in July 2000 for £28.6 mln as part of a portfolio from Great Portland Estates. HUT subsequently undertook a programme of reconfiguration and built new units.
The sale produced an ungeared IRR of 12.41% p.a. IPD Retail Warehouse Index over the same eight year period returned 8.20% per annum.
HUT acted on its' own behalf. Wilkinson Williams acted for the purchaser.
