All apart from one of the properties are under 100,000 sf, reflecting Hercules' strategy of focusing onlarger parks with open A1 planning consents. And Pillar's sale takes it a step closer to its target of holding all itsretail park investments through its exposure in Hercules.
The portfolio includes Phase III of the Clifton Moor Retail Park in York; CheadleHulme in Manchester; Lady Bay Retail Park in Nottingham; two solus units inOrpington, south-east London and a B&Q Depot store in Bilston, West Midlands. The total rental income is close to £10 million ($14.5 million) per annum showing an initial yieldof 5.6% and a reversionary yield of 6.4%.
Pillar Chairman Raymond Mould said: "The sale gives Herculesthe opportunity to allocate funds for other purchases and Pillar the opportunityof disposing some of our non-core assets."
FPDSavills advised Hercules and Pillar. Wilkinson Williams advised Morley FundManagement.
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