Hercules Unit Trust, the specialist retail warehouse fund advised by British Land and managed by Schroders, has completed the sale of its Borehamwood Shopping Park in Borehamwood.
A fund advised by LaSalle Investment Management has bought the shopping park for £80.6m. It is thought the deal represents a yield of 6.5%
The Borehamwood Shopping Park, a 211,800 sq ft retail park has more than 23 units, and lettings to clothing retailers include Next, Boots, Sports World, and Outfit.
Marks & Spencer also increased its store size and New Look, Laura Ashley, Clarks and Starbucks have all recently signed up taking the rent on the park to £32.75/ sq ft for a standard 10,000 sq ft unit.
HUT bought the park in July 2000 for £28.6m as part of a portfolio from Great Portland Estates.
Only two of the original tenant line up remain, following the managed departure of Focus, Gala, Kingsway, Allied and Tempo amongst others to allow for a re-focus to a fashion-led scheme.
HUT acted on its’own behalf. Wilkinson Williams acted for the purchaser.