Strutt & Parker - Retail Sale - £43 Million Portfolio

Date: 11 Oct 2002

AXA Real Estate Investment Managers, on behalf of Sun Life Pensions Management Limited and AXA UK Pensions Trustees Corporation, has acquired 13 prime retail properties across the UK from Hermes Property Asset Management Limited for £43 million reflecting a nominal equivalent yield of 6.5%.

The properties comprise approximately 10,148 sq m (109,237 sq ft) and principal tenants include Next, WH Smith, Dixons, River Island, Phones4U, Our Price and Arcadia. The portfolio includes properties in Aberdeen, Cheltenham, Harrogate, Lancaster, Walsall and York.

Chris Geaves Head of Strutt & Parker's Retail Department comments:
"This is a well balanced portfolio, representing good value and providing excellent opportunities to increase the income-stream."

Strutt & Parker and DLA Solicitors represented AXA Real Estate Investment Managers, while Hermes Property Asset Management Limited were represented by CB Hillier Parker and Cushman & Wakefield Healey & Baker.

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