Slough Estates International has sold three properties for a total of £109.2m in the UK.

Slough sold the Deva Retail Centre, Chester together with a retail warehouse and industrial premises at South Ruislip, in a combined transaction to CMG/Insight for £73.5m. CMG/Insight already owned neighbouring property.

These disposals represent an initial yield of 4.22% (4.42% on Chester and 3.75% on Ruislip) and were sold at £3m above the book value as at 31 December 2005. The passing rent totalled £3.3m.

In a separate transaction Slough sold a development at Kingswood Ascot to UKCP (Four) Ltd for £35.7m.

Kingswood is a low-density office development consisting of three Civic Trust Award winning buildings, designed by Norman Foster. It is currently rented to Agere Systems Ltd at £2.6m per annum. This sale represents an initial yield of 6.8% reflecting the short term nature of the income stream.

John Heawood, executive director responsible for the UK Portfolio, said: ‘These transactions continue our active acquisition and disposal programme, as we recycle mature assets when there is a good opportunity to realise value created. It also reflects the on-going strategic realignment of SEI’s property portfolio, moving away from out-of-town office facilities and discrete retail warehousing facilities and building on our position as Europe’s leading providers of flexible business space.’