LONDON-Bid target Grantchester has sold a 100,000-sf retail unit in Dundee to the Hamilton Sherburn Syndicate for £15.719 million, ($24.2 million), reflecting a net initial yield of 5.38%.

The store is leased to the UK’s leading DIY retailer B&Q at a current rent of £800,000 ($1.2 million) per annum or £8.00 ($12) per sf. The proceeds will be used to repay bank debt and to financeGrantchester’s ongoing operations.

Grantchester is currently the subject of a £200 million takeover bid from Hammerson. The Grantchester board has not yet recommended the offer, however, while it holds talks with other potential bidders, rumoured to be The Junction fund operated by Morley Asset management and Capital & Regional and rival out-of-town investor Pillar Property.

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