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LONDON-Halladale has sold 34,610 sf of retail space in the principal shopping centre of Woodley, a suburb of Readingm, Berkshire, to a private investor for pounds 8.11m illion ($13.5 million). The price reflects a net initial yield 5.97%.

The space is diuvided into two units let to Waitrose, the food division of the John Lewis Partnership, and fashion retailer New Look at a total rent of £469,400 ($785,000) per annum.

Halladale bought the properties in November 2001 through a joint venture with Citigroup and in April 2003, Halladale bought out the freehold from Wokingham District Council. It then restructured the lease with Waitrose, agreeing an extension to December 2027. The lease held by New Look expires in June 2009.

Halladale Chief Executive David Lockhart said: “Securing the freehold, completing rent reviews and renegotiating the Waitrose lease has enabled us to realise significant capital value by taking advantage of the continuing strong retail market.”

Jackson Criss acted for Halladale and Barrs Freer-Smith acted on behalf of the private investor.

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