UK asset manager Prupim has completed the acquisition of a further 25% stake in the Brewery retail scheme in Romford from Henderson Global Investors.

UK asset manager Prupim has completed the acquisition of a further 25% stake in the Brewery retail scheme in Romford from Henderson Global Investors.

Prupim acquired the stake for its M&G Pooled Pension Property fund, for £44.5 mln (EUR 53 mln). HGI was acting on behalf of the £1 bn Henderson Retail Warehouse fund.

In July, Prupim bought an initial 25% share in the asset for £44.2 mln, on behalf of a different fund, raising its current stake to 50%. The price reflects a net initial yield of 6% for Prupim.

The 49,000-m2 scheme is let to retail and leisure operators including Sainsbury’s, Boots, Gap, JD Sports, Bank, Vue cinemas and TK Maxx.

Henderson will continue to manage the asset.

Michael Neal, fund manager of the Henderson Retail Warehouse Fund, said: 'This sale is fully in accordance with the fund's strategy to maintain a well balanced and diversified portfolio of prime retail warehouse assets. The sale provides the fund with a strong balance sheet to acquire new assets and to fund the many other exciting value creating asset management opportunities inherent within the existing portfolio.'

Cushman & Wakefield and Morgan Williams advised Henderson; King Sturge acted for Prupim.