Disposal of Victoria Retail Park
HSBC Specialist Investments Limited (HSIL) has sold Victoria Retail Park, Nottingham, to The Crown Estate for £56.87m, representing a 5.45% net initial yield. The property comprises 180,000 sqft, and 10 retail units. Since purchase, lettings to Boots and Pets at Home have completed. The property benefits from strong income quality and length of leases from established tenants, which has resulted in significant inward yield shift since purchase.
Victoria Retail Park was the first acquisition made by HSIL’s regulated subsidiary HSBC Specialist Fund Management Limited, and was completed in July 2009.
Recent acquisitions, apart from Victoria Retail Park, Nottingham, include industrial property near Heathrow and several industrial portfolios in the U.K..
James Cooksey of The Crown Estate said:
"We are delighted to have concluded the acquisition of Victoria Retail Park, Nottingham, which is absolutely in line with our strategy of investing in quality assets that combine a strong underlying income stream with asset management potential."