Miller Developments completes sale in Germany

The portfolio comprises 15 recently-built supermarkets in small town locations in Western and Southern Germany. The outlets are held on leases of ten years and above to the main German food retailers including Norma, Plus, Rewe, Tegut and Wasgau. The total area amounts to 39,236 sq m (422,333 sq ft) and the sale reflects a net initial yield of 6.4%.

Phil Miller, chief executive of Miller Developments says "This is a good portfolio which has increased in value considerably since we assembled it. The sale is strategic in that we are now keen to move from investment to development activities in Germany, working in partnership with local developers.

Miller Developments has a further pipeline of similar retail properties in Germany which will probably come to market in the Spring.

ENDS

For more information, please contact:

Phil Miller, Miller Developments Tel: 0870 336 4470
Ian Purvis, Porterfield PR Tel: 020 7647 4420

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