LONDON-Capital & Regional has sold its 50 per cent interest in the Capital Hill Partnership to Hermes Property Unit Trust. The Partnership has one asset: The Maybird Centre at Stratford-upon-Avon which currently offers 15,000 sq m of space with room for expansion. Existing tenants include Boots; JJB Sports; B&Q and Brantano. The interest has been sold for £20m, reflecting an equivalent yield of 6.2 per cent.

Capital & Regional has been appointed by HPUT as its asset manager on a performance-related fee. C&R director Andrew Lewis-Pratt said: “This was a transaction very much in keeping with the group’s move towards being an asset manager as opposed to an owner of property.”

Freddie Coupe, Investment Manager, Property at Hermes Property Asset Management, said: “The retail sector is currently the best performing sector with retail warehouses in particular in high demand both by investors and occupiers. Yields are continuing to be forced down and new rent levels set. A strategic objective of the PUT has been to enhance its exposure to open A1 retail warehouse parks. This purchase takes HPUT’s exposure to the sector to 30% of total portfolio value.”

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