Capital & Regional and Morley Fund Management’s retail warehouse fund The Junction has sold four of its parks
The sales total £159.8m and comprise mainly bulky goods consented retail parks. The Junction plans to refocus on open A1 consented parks and plans further acquisitions in the sector to take advantage of the higher rents achieved from fashion retailers.
Andy Lewis-Pratt, chief executive of The Junction, said: ‘The Junction is rebalancing its portfolio to significantly increase the Open A1 content of its property holdings. Several major refurbishments and redevelopments are currently ongoing across our portfolio and we are now in the market to acquire new product.’
It has sold the 211,652 sq ft ( 19,662 sq m) Euro Retail Park in Ipswich for £66.34m to Allied Irish Bank Private Banking represented by Cheval, reflecting a net initial yield of 4.4%.
Glanmore Property Fund purchased its Beckton Retail Park for £49.7m, reflecting a net initial yield of 5.09% and Tulip Retail Park in Leeds has been purchased by the BBC Pension Fund for £16m, reflecting a net initial yield of 4.19%.
Glenn Maud’s Propinvest Holdings has purchased 243,155 sq ft Renfrew Retail Park, for £27.75m reflecting a net initial yield of 6.27%.
Franc Warwick acted for The Junction in each of the transactions, with Harvey Spack Field acting as joint agent in the Beckton deal.
Allied Irish Bank and Cheval were advised by Joiner Cummings, CB Richard Ellis acted for BBC Pension Fund, Benjamin Rose advised Glanmore Property Fund and Propinvest Holdings Ltd was advised by HP4 LLP.