TIAA Henderson Real Estate (TH Real Estate) has sold Blackwater Shopping Park in the southeastern UK town of Farnborough to Lothbury Property Trust for around £78 mln (€98.5 mln).
TIAA Henderson Real Estate (TH Real Estate) has sold Blackwater Shopping Park in the southeastern UK town of Farnborough to Lothbury Property Trust for around £78 mln (€98.5 mln).
The deal reflects a net initial yield of 4.25%.
The asset was sold on behalf of TH Real Estate's £1.1 bn UK Retail Warehouse Fund, which purchased Blackwater Shopping Park in 2004. The fund has held the park for 10 years, during which it has undertaken letting, development and refurbishment initiatives to reposition the asset.
The 10,000 m2 retail park is fully occupied. Tenants include Next, TK Maxx, Boots, Outfit, Mamas and Papas, Currys, Mcdonalds and Costa.
Michael Neal, fund manager at TH Real Estate, commented: ‘The disposal of Blackwater is fully aligned with the Fund's strategic objectives and the price achieved highlights the demand for well positioned prime retail warehousing, which is a sector that continues to thrive.’
Morgan Williams advised TH Real Estate. Lothbury Property Trust was represented by Cushman & Wakefield.