Alderley Edge based property investment and development company, Bluemantle has sold its 15,000 sq ft retail scheme in Alderley Edge for £6.4 million, reflecting a net initial yield of 4.71% to pension fund clients of Aberdeen Asset Management.
The Parade, occupying a prime location on London Road, is home to The Co-Op and Waitrose stores.
Mark Caldwell, Chief Executive of Bluemantle, comments: "The Parade was the last significant asset in our joint venture with Reflect Developments. We have worked hard with all the stakeholders involved over the last few years to reach a satisfactory conclusion to the partnership and are delighted to have done so in such difficult market conditions.
"Bluemantle has several other key development schemes reaching fruition and with the value created from these we will have established a strong platform on which we can grow the business in the second half of the year."
