Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-The Royal London Mutual Insurance Society has sold three large industrial properties in the Midlands and North-West for over £27 million ($39 million). The sales are part of the drive to rebalance the portfolio following Royal London’s merger with Scottish Life.

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

In the second deal, again in Bilston, a 152,703 sf unit let to SLB Holdings was sold to Canada Life for £7.025 million ($10 million) to produce an initial yield of 8.18%. Ltd. The third sale was the 186,964 sf Post Office unit in Chester, sold to IM Properties for £8.368 million ($12 million) at an initial yield of 7.65%.

Richard Pardoe, Head of Property Investment at Royal London said the fund was looking to dispose of some of its larger single let industrial/distribution investments following the recent merger with Scottish Life and United Friendly Assurance Society. And Neville Pritchard, Investment Partner at King Sturge who handled the sales, said institutions were now looking to increase the proportion of properties in their portfolios which offer opportunities for active management. ‘They are capitalising on the strong market for well let properties,’ he said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.