.Developed six years ago, the 93,650-sf phase II element of the purpose built leisure park has been owned by the Fund since 1997. It adjoins thesuccessful 350,000-sf Stockton Retail Park and is located approximately threemiles west of Middlesborough city centre.
Phase II comprises a bingo hall, casino, nightclub, bar and restaurant let toFirst Leisure, Gala and Enterprise Inns. The sale price represents a yield of 7.25% MWB Director John Harrison said: "Afterfive years of excellent growth we felt this was an appropriate time in the cyclefor the fund to sell its investment in the Teesside Leisure Park. This is thefirst investment to be sold by the fund and since acquisition Teesside hasgenerated total annual returns on equity of over 15%."Investors in the MWB Leisure Fund I include Deutsche Bank; SunLife of Canada; Norwich Union; Scottish Widows and Clerical Medical. In additionto managing the Fund MWB owns a 13.3% stake in the Fund.
MWB was advised by Jones Lang LaSalle and the purchaser was represented byMetropolitan Property Investments.
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