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LONDON-Chartwell Land, the property arm of Kingfisher, has sold the Carnegie Retail Park, Dunfermline to a joint venture between Bank of Scotland and two private investors for £14.7 million ($22 million). The sale price reflects a net initial yield of 7%.

The retail park has a bulky-goods consent and comprises 98,600 sf. It is let at rents of between £10.50 and £13.10 per sf, with rent reviews due in 2005.

Chartwell Land director Mark Witham said: “The sale allowed us to alter our weightings of investment in the UK and, in particular, Scotland. The cash will now be reinvested this financial year in other opportunities, which are currently being sourced.”

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