Aviva Investors has sold a portfolio of 6 retail warehouse properties, known as the Saturn Portfolio, to London Metric for £92.4 million, reflecting a net initial yield of 7.70%.
The properties include Christchurch Retail Park; B&Q, Leicester; Dunstable Road Retail Park, Luton; Cairngorm Retail Park, Milton Keynes; Mountbatten Retail Park, Southampton; and B&Q and Halfords in Tonbridge. All of the properties are situated in prime locations within 100 miles of London, with strong catchment demographics, and are close to key conurbations and towns with good access to motorways and trunk roads.
The portfolio is let to a diversified blend of national and international tenants with an occupancy rate of 98% and a weighted unexpired lease term of 10.5 years (ignoring breaks). 48% of the current total income provides for fixed or RPI related income within the next 5 years.
Wilkinson Williams advised Aviva Investors and London Metric were represented by Cushman & Wakefield.
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