West Ealing Sainsbury's store sold in deal worth more than £33m
A London real estate investment company has announced that it has sold a Sainsbury’s store in a deal worth more than £33m.
Aprirose, which acquired the West Ealing Sainsbury’s in 2017 with STARS REI, sold the supermarket building for £33.7m, representing a net initial yield of 3.45 per cent.
Details have not been shared regarding the buyer of the 69,325 store, which is fully let to Sainsbury’s until 2042.
Meenal Devani, chief investment officer at Aprirose, said: “We are very pleased with the sale of this asset, following our investment in 2017.
“The exit of this asset is the realisation of the clear investment strategy we had in place to acquire income generating properties in Greater London, which will benefit from infrastructure improvements and that are underpinned by exceptional redevelopment potential. We continue to look for similar investment opportunities.”
Cristina Dawson, head of asset management at STARS REI, said: “The sale of Ealing in early 2021 signals to us that a well located, high quality, income generating property can outperform despite the pressures of an economic cycle.
“We are thrilled to have another successful transaction in the London market, and will continue to look for more investments here.”
Aprirose was advised by Knight Frank.
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