ISIS Property - Retail Sale - Dudley, Merry Hill Retail Park

Date: 08 Nov 2002

ISIS Property has sold Friends Provident Life & Pensions’ 7,777 sq m (83,712 sq ft) interest in Merry Hill Retail Park, Dudley in the West Midlands to Legal & General for £19.28 million plus a top up following settlement of the outstanding rent review, representing an equivalent yield of 6.17%.

The investment is currently occupied by PC World, Decathlon, Staples and Kingdom of Leather at an annual rent roll of £1.23 million. ISIS Property retains Allied Carpets’ 2,858 sq m (30,768 sq ft) unit for the separate Friends Provident Life Assurance Ltd Commercial Fund (FPLAL).

Paul Herrington, Managing Director of ISIS Property comments:
“While the out of town retail market remains strong, particularly set against limited sector supply, we are taking the opportunity to realise value from this investment following the major restructuring and regearing of the former Homebase bulk unit.”

ISIS Property’s principal retail warehouse holdings include the 12,066 sq m (129,875 sq ft) Newbury Retail Park, 12,605 sq m (135,675 sq ft) Beckton Triangle Retail Park in East London and the 11,798 sq m (126,999 sq ft) Sears Retail Park in Solihull.

Stephen Mundy, Property Director (Life Fund) at Legal and General, added “Our Retail Parks’ Portfolio is being strengthened by an investment in a large conurbation with a critical mass of retailers.”

ISIS Property was advised by Edgerley Simpson Howe while King Sturge advised Legal & General.

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