LONDON-The Royal London Mutual Insurance Society has sold three large industrial properties in the Midlands and North-West for over £27 million ($39 million). The sales are part of the drive to rebalance the portfolio following Royal London's merger with Scottish Life.
A 221,361 sf unit in Bilston West Midlands, let to the retailer Index, has been sold to Prudential Portfolio Managers Life Fund for £11million ($16 million). The purchase price shows an initial yield of 8.04%.
In the second deal, again in Bilston, a 152,703 sf unit let to SLB Holdings was sold to Canada Life for £7.025 million ($10 million) to produce an initial yield of 8.18%. Ltd. The third sale was the 186,964 sf Post Office unit in Chester, sold to IM Properties for £8.368 million ($12 million) at an initial yield of 7.65%.
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