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Herald Sells Stanley Green Retail Park, Manchester
Yield achieved represents lowest in the current market cycle.
Herald Guernsey Investment Limited has exchanged contracts to sell the Stanley Green Retail Park in Wilmslow, Manchester, for £47 million to Prudential Property Investment Managers (PRUPIM) reflecting a net initial yield of 5.3%, the lowest achieved for a retail park in the current market cycle.
Stanley Green Retail Park has 91,500 sq ft of retail space and is fully let to a strong mix of national and international retail brands including TK Maxx, Next, B&Q, Halfords and Comet, with long average lease lengths.
Herald’s primary focus is on acquiring prime retail assets across France, Germany and Italy and, following this transaction and the recent acquisition of Centre Sud Shopping Centre in Le Mans, France, the fund has around €75 million of equity available to take advantage of current and future opportunities.
Commenting on the transaction, David Turner, Herald’s Fund Manager, said "Our strategy for the fund in 2010 is to increase our exposure to core Western European markets, including France, Germany and Italy where forecast returns remain the most attractive for our investors. Our primary focus is to hold assets for long term income, however, this opportunistic sale by Herald Guernsey Investment Limited at a market defining yield provides us with additional capital to deploy into the fund’s core markets and take advantage of current market conditions.”
Herald Guernsey Investment Limited was represented by Gerald Eve and K&L Gates and PRUPIM was represented by King Sturge, Tudor Toone and CMS Cameron McKenna LLP.
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