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Standard Life Spends $150M on Retail Parks

LONDON-Standard Life Investments has bought two Midlands retail parks from LaSalle Investment Management for pounds 88.95 million ($150 million).

By Graham Parker | Updated on November 04, 2003

LONDON-Continued investor interest in out-of-town retail is underlined by Standard Life Investments’ £88.95 million purchase of two Midlands retail parks from LaSalle Investment Management. Standard Life has bought the Crossley Retail Park in Kidderminster, Worcestershire and the Princess Alice Retail Park in Sutton Coldfield, Birmingham.

The 203,393-sf Crossley Retail Park is located on St Mary’s Ringway in Kidderminster . It has a bulky goods planning consent and is currently let to B&Q, MFI, Carpetright, SCS, Klaussner, Comet, Halfords and Staples until 2025. The current rent roll of £3.3 million ($5.6 million) per annum reflects rents of £15.50 ($26.40) to £17.50 ($29.80) per sf. The sale price reflects a net initial yield of 6.24%.

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