Henry Boot Developments, the property subsidiary of Henry Boot, has sold its 70,000 sq ft Waterloo Square retail investment in South Shields to Royal London Mutual Insurance Society for £11.5m, at a yield of 5.8%

The non-food retail property is let to Next, Debenhams, BHS and River Island. Henry Boot made a pretax loss of £11.9m last year, compared with a £19.3m profit in 2008, as a result of trading profits falling to £11.5m and a writedown of properties of £22.4m.

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