Wilkinson Williams

Press Release

LaSalle buy prime shopping parks

British Land have sold a 50% stake and 49% stake in Deepdale Shopping Park, Preston and Eastgate Retail Park, Bristol, respectively to HSBC Pension Fund c/o La Salle Investment Management. Deepdale Shopping Park is Preston’s prime retail destination and comprises 234,640 sq ft of open A1 retail space let to occupiers including R US, First Choice, Brantano, Hobycraft, Marks & Spencer, JJB Sports, Argos, JD Sports, River Island, New Look, Next and WH Smith. The park was bought for a base price of £54 million with top ups following the settlement of the outstanding rent reviews to give a total purchase price of £57.38 million reflecting a net initial yield of 7.01%.

Eastgate Retail Park was purchased for a base price of £17.3 million reflecting a net initial yield of 7.3%, although following the settlement of the outstanding rent reviews this could increase to give a maximum purchase price of £18.97 million, reflecting a net initial yield of 7.41%. The park was developed in 1987 and was later redeveloped in 2004 to provide 10 units arranged in 2 adjoining terraces. Tenants include SCS, Boots, Halfords, Pets At Home, Next, Mammas & Papas and Burger King. Wilkinson Williams acted on behalf of La Salle Investment Management.

For further information please contact Drew Moore

d.moore@wilkinsonwilliams.co.uk

Or alternatively please contact Ellie Kirkby

e.kirkby@wilkinsonwilliams.co.uk