Legal & General has completed the sale of a southeast industrial portfolio and has bought a retail property in Kingston in two transactions announced today.
L&G has sold the Five-strong St George shed portfolio to Citicourt for £22.25m reflecting a yield of 5.5%.
The properties in the portfolio, which total 270,000 sq ft (25,083 sq m) include: Coleshill Industrial Estate in Coleshill; Orion Business Park; Orion Business Park, Great Blakenham, Ipswich; A1 Parkway, Orton Southgate, Peterborough; Nursling Industrial Estate, Southampton; and Woodburn Industrial Park, Wooburn Green.
L&G has also purchased 51/53 Clarence Street, Kingston from British Land for £16.05m. The deal for the units let to Monsoon Accessorize until 2010 reflects a yield of 3.92%.
The deal was completed on behalf of L&G’s Linked Pensions Fund.