Maxwell Batley - Retail Sale - £43 Million Portfolio

Date: 04 Oct 2002

Hermes Property Asset Management, advised by leading City property lawyers Maxwell Batley, has sold a portfolio of high street retail properties to Axa REIM for a price believed to be in excess of £43,000,000.

The portfolio of 13 properties located across the UK had a total rent roll of approximately £2,830,000, with the price reflecting a net initial yield of 6.2%. Properties included prime retail shops in Aberdeen, Bromley, Cheltenham, Swansea and York, predominately let to national retailers including Dorothy Perkins and Burton Menswear (Arcadia Group Plc), River Island, Next and WH Smiths.

Orla O'Sullivan, Partner in the Property and Construction Group at Maxwell Batley, led teams from Maxwell Batley, Herbert Smith and Tods Murray. Ranjit Srai of DLA and Strutt & Parker acted for Axa REIM.

CB Hillier Parker and Cushman & Wakefield Healey & Baker jointly marketed the portfolio on behalf of Hermes Property Asset Management.

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