LaSalle Investment Management has announced the sale of 89 & 89a Broad Street, Reading to the Local Authority Mutual Investment Trust (LAMIT) for £7.5 mln (EUR 8.5 mln) or a net initial yield of 5.54%. The sale was made on behalf of the HSBC Bank Pension Trust (UK).
LaSalle Investment Management has announced the sale of 89 & 89a Broad Street, Reading to the Local Authority Mutual Investment Trust (LAMIT) for £7.5 mln (EUR 8.5 mln) or a net initial yield of 5.54%. The sale was made on behalf of the HSBC Bank Pension Trust (UK).
The two retail units, which are located in Broad Street, were converted from a Grade II Listed deconsecrated chapel by Chartwell Land in 1994. The units are let to Waterstones and Monsoon. LaSalle Investment Management Fund Manager Julian Agnew said: 'This sale vindicates our strategy to invest heavily in the retail sector over the last two years with yields improving since the start of last year. We expect this trend to continue with the weight of money wishing to come back into the sector.”'
The Local Authority Mutual Investment Trust (LAMIT) were advised by Lewis & Tucker while LaSalle was advised by Colliers CRE.
LaSalle Investment Management, a member of the Jones Lang LaSalle group, is a leading global real estate investment manager, with approximately $37.5 bn (EUR 27.3 bn) of assets under management.
