BL Fraser has sold the House of Fraser store in Leamington Spa, Warwickshire to Scottish Widows Investment Partnership (SWIP) for £13.5m representing a net yield of 8.43%.
BL Fraser is a joint venture between British Land and House of Fraser and the disposal of the Leamington investment is another step towards the unwinding of this ten year joint venture ‘in a profitable and orderly manner’.
House of Fraser will continue to trade from the 102,000 sq ft department store, which is leased to the department store operator until 2039.
Cushman and Wakefield advise BL Fraser.
SWIP was advised jointly by Joiner Cummings and Jackson Criss.
Charlie Barke, partner at Cushman & Wakefield, said: ‘Following on from our recent sales in Guildford and Leeds, we received a number of bids for this asset from both UK institutions and private investors.
'SWIP completed their acquisition in just 12 working days over the Easter period.
'We have a number of further stores to sell for BL Fraser and are encouraged by the demand we are seeing for these quality department store assets let to House of Fraser.’