On behalf of a Family Trust Red Kite has successfully sold the Wilkinson’s Store in Penny Street, Lancaster that was bought back in April 2009. The sale reflects an initial yield of 5.45% with a fixed uplift taking it to 6.3%.
The purchaser, Hampshire Pension Fund, an in-house fund of CBRE Investors was represented by Jones Lang LaSalle. Red Kite was represented by Lewis Ellis and Partners.
Over the two year ownership the family thought the asset management and debt profile achieved by Red Kite received pre-tax 28% p.a. returns on equity.