BlackRock buys garden centre portfolio

BlackRock has bought a £110m garden centre portfolio from LaSalle Investment Management.

The investment manager purchased the Garden Centre Fund, which is made up of eight assets located throughout the UK.

LaSalle put the closed-ended vehicle up for sale earlier this year at a yield of 5.5 per cent and appointed agents at JLL to market it.

The centres, which span more than 490,000 sq ft, are mainly in the South of England and are all held on long-term leases in excess of 25 years.

The centres include six leased by Wyevale and include former Garden & Leisure sites. They include Cadbury, Endsleigh, Cardiff and Bicester, plus Woodford, leased by Notcutts and formerly to NWF and a Squire's site.

LaSalle launched the Garden Centre Fund in 2006 with the UK’s largest garden centre group Wyevale leasing six of the assets and Notcutts and Squire’s occupying the other two. Average lease left is 29 years. Gilbert Evans acted an as advisor.

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