Cheval Properties has paid Morley Asset Management £125 million for a portfolio of 34 prime high street shops across the UK. The sale price reflects an initial yield of 6.05 per cent.
Properties include 32/33 Petty Curry in Cambridge let to the Halifax, 7 St Georges Street & 2/4 Longmarket in Canterbury, Kent, leased to New Look and 11/12 Queen Street Oxford, occupied by Top Shop.
CB Hillier Parker acted for Morley and Cluttons Commercial, Fineman Ross and CWM advised the purchaser.
Cheval Properties director Robin Fell said: ‘We feel this is the highest quality retail portfolio that has come to the market in recent years. The strong performance in the retail sector during the recent downturn means there has been renewed interest in purchasing prime retail properties both from investors and property companies.’
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