Royal London Sells Reading Retail Lot to Legal & General

LONDON-Royal London Asset Management has sold a multi-let retail scheme in Reading, Berkshire to Legal & General for £19.6 million ($31 million), reflecting a blended net equivalent yield of 6%.

The former Littlewoods department store, which has frontages to both Friar Street and Broad Street, was split up into smaller units in 1998. Tenants now include Next; Schuh; Superdrug; Fuller Smith & Turner and Littlewoods on leases expiring between 2015 and 2023.

Jones Lang LaSalle advised the vendor, and Director Rory Houston said: “This is one of the most significant institution-to-institution UK high street transactions of the year. The timing suited out client in the restructuring of its portfolio.”

Churston Heard advised Legal & General.