Development Securities sells Crewe warehouse
A RETAIL warehouse in Crewe is among a portfolio of four assets that have been sold by Development Securities for £21m.
Edinburgh-based Kames Capital has acquired the portfolio which also includes a retail parade in Bexleyheath, Kent; a shopping arcade in Carmarthen; and a retail park in Port Talbot.
Development Securities said the sale at book value represented a yield of 7.5%.
It did not give further detail about the location of the Crewe site, and no one at the firm was available for comment.
In a statement director Matthew Weiner said: “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.
“So far this year we have acquired a former hotel in Brighton pre-let to the YHA, a leisure asset in Altrincham and a foodstore-anchored shopping centre in Armagh. 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.”
