Edgerley Simpson Howe LLP

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Recent investment Transaction

AXA sells out of Nottingham property for £4.695 million

18th February 2011

AXA, advised by Edgerley Simpson Howe LLP, have sold the Mecca Bingo and Home Bargains on Queens Road, Beeston, Nottingham to First Property for £4,695,000. The price reflects a net initial yield of 7.25%. The scheme comprises approximately 40,000 sq ft let at rents of £8.43 and £9.14 per sq ft with lease expiries in 2023 and 2025. Mecca Bingo has a fixed uplift in 2013. Home Bargains has a tenant break option in 2020. Jamie Naughton comments “This was a non core asset for the fund and made sense to sell at a competitive price. This sale demonstrates the continuing demand for retail warehousing from a diverse range of buyers”.