CBRE 2

CBRE Global Investors has acquired a prime retail portfolio comprising four high street assets on behalf of clients from Legal & General Property’s Life Fund for £37.04 million, which reflects a net initial yield of 3.9% p.a.

The assets are all located in the wider South East region and occupy excellent trading positions in busy and affluent retail centres: High Street, Guildford; North Street, Guilford; The Promenade, Cheltenham; and Market Hill, Cambridge. The portfolio has an average unexpired term of approximately nine years, and tenants include M&S, Waterstones, GAP, Jack Wills and Hobbs.

Hannah Marshall, Fund Manager for the CBRE UK Property Fund at CBRE Global Investors, commented: “The continued strong performance of regional cities such as Cambridge, Cheltenham and Guildford makes these prime high street assets an excellent strategic acquisition for our clients.”

James Whitehill, Senior Fund Manager at Legal & General Property, commented: ” We have a clear investment rationale of disposing of mature assets in order to recycle capital into properties where we can use our asset management skills and capability to generate superior returns for our investors. JLL executed a well thought out marketing strategy and delivered strong pricing for the fund.”

JLL acted for Legal & General Property on the portfolio sale and CBRE Global Investors was advised by Fawcett Mead on its acquisition.

Source: http://www.cbreglobalinvestors.com/

Leave a comment

Your email address will not be published.