Henderson Global Investors, on behalf of its circa £1.1 billion UK Retail Warehouse Fund, has acquired Phase 1 of Ashford Retail Park in Kent for £14.25 million, representing an equivalent yield of 5.4%. The 55,021 sq ft site was purchased from the Local Authorities' Mutual Investment Trust (LAMIT). Consideration for the purchase was a blend of approximately £10 million of cash, together with the issue of new units in the fund to LAMIT worth approximately £4.25 million on current pricing.
Phase 2 of Ashford Retail Park is owned by West Midlands County Council Pension Fund, which, together with Phase 1, provides for a comprehensive retail offer, with tenants including Homebase, Argos, Boots and TK Maxx.
CCLA Investment Management Limited is the fund manager for LAMIT. Wilkinson Williams and Camplin Bianco advised CCLA in the sale. Morgan Williams acted for Henderson.
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