Federated Hermes is set to sell the Christopher's Place retail and leisure estate in St Albans in Hertfordshire for more than the £19.3 million guide price, or a net initial yield of 9%, after strong bidding.
George Capital, the specialist real estate investment and advisory company, is understood to have placed the complex under offer for more than £20 million.
The 88,000-square-foot mixed-use estate has a weighted average unexpired lease term of seven years and net income of £1,855,034 a year.
It is on an 1.6 acre site and has asset management potential with 30 units.
Retailers include Jigsaw, White Company, Whistles, Phase 8, L’Occitaine, Nobody’s Child and Hobbs. The restaurant offer includes Wagamana, Zizzi and the shortly to-be-opened Loungers and Pho. There is a gym and landlord-operated car park.
George Capital was founded by former British Land investment director Ben Young and includes LondonMetric chief Andrew Jones among its advisers. It is backed by a number of senior individuals in the property industry, and fund managers, and invests alongside investors including Prologis and Invesco. It has raised two funds, GCAP 1 and GCAP 2. It is fundraising for GCAP, which is targeting £100 million, according to CoStar data.
It bought The Fort shopping park in Birmingham with Invesco in 2021 for £84 million. In 2017, it bought Empire House in Glasgow from Town Centre Securities for around £17.5 million.
KLM Real Estate is advising Federated Hermes. Clay Street is understood to be advising George Capital.