23rd Apr 2014 09:01
LONDON (Alliance News) - Development Securities PLC Wednesday said it has sold a portfolio of four retail investment assets for GBP21.0 million, providing a yield of 7.5%.
The assets within the portfolio consist of a retail parade on Bexleyheath high street in Kent, a shopping arcade in Carmarthen, Wales, a retail park in Port Talbot, Wales, and a retail warehouse in Crewe, Cheshire.
The property investor said the business plans for each asset have been realised with a number of lease renegotiations, lettings, refurbishments, and some redevelopment completed in order to improve the quality of the assets and enhance their value.
"Within our investment portfolio, we are seeking to increase our focus on larger foodstore-anchored retail schemes and alternative assets where long-term income prospects are robust, values more resilient and income yields attractive," Matthew Weiner, a director at Development Securities said in a statement.
The company recently acquired a former hotel in Brighton for GBP45.5 million and a shopping centre in Armagh, Northern Ireland for GBP7.4 million.
"We are also actively pursuing a number of new opportunities and today's disposal will allow us to recycle capital into further investment projects where we can create value through asset management and enhancement," Weiner added.
The stock was trading at 232.50 pence Wednesday morning, down 1.50p or 0.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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