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Prupim invests in Manchester retail business property
Prupim has added a retail development in Manchester to its commercial property portfolio.
The company has purchased the Stanley Green Retail Park in Wilmslow for £47 million from Herald Guernsey Investment, a division of the Herald retail property fund run by Henderson Global Investors.
Tenants at the 91,500 sq ft site include Next, B&Q, Halfords, Comet and TK Maxx.
Net initial yield for the property is set at 5.3% and fund manager for Herald David Turner explained that the "opportunistic sale" gives the fund capital needed to "take advantage of current market conditions".
He added that the strategy for 2010 will be for Herald to increase its operations in western European countries such as Germany, France and Italy.
Last October, Prupim added the UK Supreme Court on Parliament Square to its portfolio, paying over £30 million for a 30-year leasehold interest in the building, which is grade-II listed and measures 70,000 sq ft.
The company has purchased the Stanley Green Retail Park in Wilmslow for £47 million from Herald Guernsey Investment, a division of the Herald retail property fund run by Henderson Global Investors.
Tenants at the 91,500 sq ft site include Next, B&Q, Halfords, Comet and TK Maxx.
Net initial yield for the property is set at 5.3% and fund manager for Herald David Turner explained that the "opportunistic sale" gives the fund capital needed to "take advantage of current market conditions".
He added that the strategy for 2010 will be for Herald to increase its operations in western European countries such as Germany, France and Italy.
Last October, Prupim added the UK Supreme Court on Parliament Square to its portfolio, paying over £30 million for a 30-year leasehold interest in the building, which is grade-II listed and measures 70,000 sq ft.
Wed, 3rd Mar 2010