Bluemantle sells to fund next wave

Cheshire-based developer Bluemantle has raised more than £10m from the sale of two assets, a retail scheme and college buildings.

Bluemantle sold a 15,000 sq ft retail scheme let to the Co-operative Food and Waitrose in Alderley Edge for £6.4m, reflecting a net initial yield of 4.71% to pension fund clients of Aberdeen Asset Management. The Parade is situated in London Road in the centre of the town.

In Euxton, Chorley, Bluemantle has sold Runshaw College to the college itself for £4.5m, a net initial yield of 8%. The two college buildings, totalling 55,000 sq ft, form part of Xton Business Park. Bluemantle has retained ownership of the other two buildings on Xton Business Park, which are let to CSC and Blink Photo.

Mark Caldwell, chief executive of Bluemantle, said: "By continuing to focus on making the most of asset management opportunities such as this, alongside our key development schemes, we will have established a strong platform to start growing the business again in the second half of the year."

Christopher Dee advised Bluemantle on the sale of The Parade. Harvey Spack Field acted on behalf of Aberdeen Asset Management.