Three60 sells retail portfolio for £7.8m
Three60 Property Investors, a commercial subsidiary of Liverpool-based housing association Plus Dane Group, has sold three supermarkets in its investment portfolio to a pension fund.
The acquirer, a client of CBRE Investors, paid £7.8m for the Somerfield stores in North Wales and West Midlands, representing a net initial yield of 6.33%.
The capital markets team at CB Richard Ellis North West advised the client of CBRE Investors.
Rob Woods, director in the capital markets team at CBRE North West, said: "Foodstore investments have remained in demand due to the long secure income streams, strong covenants, and scarcity of freehold opportunities.
"The major supermarkets have continued their expansion plans throughout the recession which has resulted in rental levels rising."
Mason Owen advised the vendor Three60 Property Investors.