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Teachers Invests $150 Mil In UK Retail Parks Through Grantchester Joint Venture

LONDON-Teachers Insurance and Annuity Association has set up a new joint venture with specialist retail park investor Grantchester to own and manage UK retail parks. To establish the new fund Grantchester has sold Teachers three parks in Birmingham, Norwich and Falkirk for $150 million.

By Graham Parker | Updated on December 18, 2001

LONDON-Teachers Insurance and Annuity Association has launched a limited partnership with specialist retail park investor Grantchester, giving it exposure to the UK out-of-town retail sector. To kickstart the new fund Grantchester has sold Teachers three parks in Birmingham, Norwich and Falkirk for £107.4 million ($157 million).

The three parks are Battery Retail Park, Birmingham; Central Retail Park, Falkirk and Sprowston Retail Park, Norwich. They comprise over 600,000 sf of prime space generating annual income of £6.24 million ($9.1 million). The final price paid depends on the progress of lettings at the Central Retail Park, Falkirk, but the maximum Teachers will pay is another £20 million ($29 million).

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