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House of Fraser store sold in three-part deal

A House of Fraser department store in Birmingham has been sold to asset managers and global investor Legal & General Property as part of a three property deal worth £219m.

The large Birmingham site, which previously traded as Rackhams, is located on Corporation Street and is split across eight floors.

The Kingswood Retail Park in Hull and Grenfell Island, an office and leisure scheme in Maidenhead, have also changed hands in the transaction. Kingswood, which is 130,000 sq ft, is occupied by a number of retailers including Next, JD and Sports Direct.

Former holders British Land, which owns £7.2bn worth of retail assets in the UK including the Meadowhall Shopping Centre in Sheffield, has posted a net initial yield of 6.3% from the sale.

The purchase went through LGP’s Managed Property Fund, advised by Knight Frank, Morgan Williams and CBRE.

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