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Prospect Place is Property Pillar for Hercules

LONDON-Jersey-based UK retail fund, Hercules, has acquired Phase 1 of the Prospect Place retail park in Dartford, Kent from Pillar Property for pounds 36m ($57m). Hercules will also buy phase 2 of the 134,000-sf scheme on completion in spring 2004.

By John Ryan | Updated on September 08, 2003

LONDON-Phase 1 of Prospect Place, the Dartford, Kent, retail park development has been bought by Hercules, the closed-ended Jersey property unit trust set up in 2000 to invest in major UK warehouse and shopping park locations. Hercules, which already has gross assets in excess of £1.85bn ($2.93bn) in 24 retail parks, paid £36m ($57m).The deal brings it control of a 134,000-sf development that is already trading, with tenants including home improvement specialists B&Q and MFI, as well as floorcovering specialist Allied Carpets.

Hercules has also entered into a commitment to forward purchase Phase 2 of the development, scheduled to be complete in time for Easter 2004 and already more than 55% pre-let. The latest tenants to sign up for this phase are value fashion retailer Matalan which has taken a 41,000-sf two-level unit and a 3,189-sf Pizza Hut.

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