Legal & General’s Life Fund has sold the freehold investment interest in the Elysium portfolio to CBRE Investors for £86.2m.

The purchase price reflects a net initial yield of 4.28%.

The portfolio comprises five high street retail properties across the UK and provides a total 180,000 sq ft (16,720 sq m) of retail space.

The properties acquired are as follows: Cranston House on Argyle St in Glasgow, House of Fraser on Princes St in Edinburgh, 14 Market Hill, 17-18 Market St and 7-10 Rose Crescent in Cambridge, Norwood Heights Shopping Centre in Upper Norwood, south London and 58-60 Linthorpe Road in Middlesbrough.

Tenants include House of Fraser, Dune, Clarks, Schuh, Burger King, McDonalds, Starbucks, Jack Wills, Vodafone, Blockbuster and Sainsbury’s. The portfolio generates an annual rental income of £3,896,955 and 68% of the income is secured for in excess of 10 years.

Helen Gordon, property director of Legal & General’s Life Fund, said: ‘The interest the portfolio attracted demonstrates that there is still good investor appetite for quality retail property in leading towns and cities.’

Legal & General was advised by DTZ and CBRE Investors were advised by CBRE.