The Specialist Investments unit of HSBC bank has sold Victoria Retail Park in Nottingham, UK to The Crown Estate for £57 mln (EUR 66 mln). The investment volume represents a net initial yield of 5.45%.

The Specialist Investments unit of HSBC bank has sold Victoria Retail Park in Nottingham, UK to The Crown Estate for £57 mln (EUR 66 mln). The investment volume represents a net initial yield of 5.45%.

Victoria Retail Park comprises 17,000 m2 and ten retail units.

The park was the first acquisition made by HSBC Specialist Investments' regulated subsidiary, HSBC Specialist Fund Management, acting on behalf of the HSBC European Active Real Estate Fund, and was completed in July 2009.

The fund invests in value-added real estate in target countries throughout Europe. The fund was raised in 2009 with an investment capacity of EUR 1 bn, of which approximately 25% has been committed to date. Target sectors are retail (shopping centres/retail parks) and multi-let industrial and offices. The UK remains a core target for investment activity, alongside selected continental European countries.