Member Article

British Land sells £72m stake in portfolio

British Land has sold its stake in the Hercules Income Fund, a total property value of £72m.

The 293, 700 sq ft comprises seven retail warehouse properties with a total contracted rent of £4.7m per annum, have been acquired by LaSalle Investment Management, which is now the sole owner of HIF.

Properties are located in Barnstaple, Evesham, Hove, Uddingston in Glasgow, Newton Abbot, Plymouth and Weymouth.

Over the last three years, British Land, as asset manager for the fund, has generated £1m of additional rent through a number of successful initiatives.

Charles Maudsley, Head of Retail for British Land, said: “This sale has allowed us to realise the benefits of our asset management at just above book value, as well as continuing to recycle British Land’s capital in line with our overall approach.”

Wilkinson Williams represented British Land in the sale, and Savills acted for LaSalle.

This was posted in Bdaily's Members' News section by Tom Keighley .