LONDON-The Royal London Mutual Insurance Society has sold threelarge industrial properties in the Midlands and North-West for over£27 million ($39 million). The sales are part of the drive torebalance the portfolio following Royal London's merger withScottish Life.

A 221,361 sf unit in Bilston West Midlands, let to the retailerIndex, has been sold to Prudential Portfolio Managers Life Fund for£11million ($16 million). The purchase price shows an initial yieldof 8.04%.

In the second deal, again in Bilston, a 152,703 sf unit let toSLB Holdings was sold to Canada Life for £7.025 million ($10million) to produce an initial yield of 8.18%. Ltd. The third salewas the 186,964 sf Post Office unit in Chester, sold to IMProperties for £8.368 million ($12 million) at an initial yield of7.65%.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.