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News Release

Birmingham

Two High Street Shops in Worcester acquired by A. C. Lloyd (Asset Management) Ltd for £3.16 million


Birmingham, 19th May 2009 - A. C. Lloyd (Asset Management) Ltd has purchased two high street shops in Worcester from clients of Credit Suisse Property Investor Management for £3.16 million, representing a net initial yield of 8%.  Located at 58-60 High Street, the two shops are let to Greggs and Alliance & Leicester, and produce a rental income of £267,000 per annum.

Commenting on the purchase, Des Wynne, director of A. C. Lloyd, said: “This acquisition, funded from our own resources, represents a good return on capital from two good covenants in an attractive high street location. We hope to be able to add to our investment portfolio in the coming year principally in the retail and industrial sectors.”

Ben Kelly from Jones Lang LaSalle’s National Investment team in Birmingham, who advised A. C. Lloyd, added: “Located in the affluent city of Worcester, the premises occupy a prime position and the upper floors offer redevelopment potential over the medium term.”

Jones Lang LaSalle represented A. C. Lloyd (Asset Management) Ltd.  Allsop represented the vendor.