Kingsland Shopping Centre comprises a supermarket let to the John Lewis Partnership's Waitrose for a further 19 years, and an additional 14 shop units let to a variety of national multiple and local tenants. The acquisition shows a net initial yield of 7.17%, which will rise to 9.01% on the settlement of outstanding rent reviews and the expiry of rent-free periods.
At the same time DevSecs has sold a portfolio of 11 properties, the largest asset being being a long leasehold office investment in Sutton, South London, which was sold to the tenant for £6.5 million ($9.4 million) reflecting a net initial yield of 6.45%.
In 2001, the company completed £33 million ($47 million) of acquisitions and £9 ($13) million of disposals.
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