Manchester Fort sold for £101m
MANCHESTER Fort shopping park has been sold by the Liverpool-based pension fund manager Universities Superannuation Scheme for £101m.
The North Manchester retail park has been sold to Henderson Global Investors on behalf of its UK Retail Warehouse Fund. The acquisition price reflects a net initial yield of around 7.1%, including rental guarantees.
As part of the transaction, USS will receive around £51m worth of new units that will be issued through the Warehouse Fund. The remaining £50m was raised after Henderson sold two retail units in Newcastle for around £50m.
Totaling 325,000 sq ft, the 36 unit retail park includes tenants such as Next, TK Maxx, B&Q and Boots.
Morgan Williams acted for Henderson and Cushman and Wakefield and Jones Lang LaSalle acted for USS. KL Gates acted for Henderson with DLA Piper acting on behalf of USS.
