LONDON-Canada Life has sold the freehold investment of Waterside Retail Park, Ilkeston, Derbyshire to Siemens Benefits Scheme for £8.875 million ($14.5 million), to reflect a net initial yield of 6.78%.

The six unit 67,948-sf scheme is let to Focus; Somerfield; Poundstretcher; Halfords and Brantano on leases with 17 years remaining at an average rent of £9.38 ($16) per sf.

CB Richard Ellis acted on behalf of Siemens Benefits Scheme and the vendor was represented by advised by Edgerley Simpson Howe & Partners.

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