Crown Estate in £72m sale

Kasmira Jefford
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THE CROWN Estate and Hercules Unit Trust (HUT), a Jersey-based fund advised by British Land, said yesterday they have sold a retail park in Leamington Spa for £72m.

Ignis Asset Management has bought the 220,000 square feet Leamington Shopping Park in Warwickshire in a deal that reflects a net initial yield of 4.4 per cent.

The retail park, which is home to stores including Debenhams and New Look, was managed by British Land.

It was owned by the Crown Estate and HUT under a joint venture known as Gibraltar Limited Partnership, which also owns Gallagher Park in Cheltenham.