Companies: APT   

Asda has announced the sale of its Stone Lake Retail Park in south-east London to Morley Fund Management for £24m in cash, reflecting a yield of 5.85%. The development, jointly owned with Harris Ventures, accrued £1.4m in rent per year. According to managing director Patrick Ranger, the proceeds have been earmarked for re-investment into new development projects, including the second retail phase at Stone Lake. The adjoining Industrial Park is now fully let after a 39,375 sq. ft unit was taken up by Bunzl Paper Products on 2 October. The warehouse/industrial unit has been let on a 15-year lease at £210,000 per year.