Legal & General extend Reading retail ownership

Legal & General has purchased 60 Broad Street Reading from Stylo Barratt Properties Ltd for £3.2m, reflecting a net initial yield of 4.75%.

The unit is let to Pret A Manger on a new 15-year FRI lease from November 2006.

Helen Gordon, Director of the Life Fund for Legal & General commented: “This was a logical purchase for us given our existing holdings located next door at 54/58 Broad Street and our requirement for prime retail.”

Retail specialist Briant Champion Long advised Legal & General on this purchase having previously advised on a number of other retail site sales.