UK property company Capital & Regional said on Friday that the Junction Fund has exchanged unconditional contracts for the sale of Morfa Shopping Park in Swansea, Wales to The Crown Estate for £80 mln (EUR 90 mln). Completion of the sale is anticipated to take place on 27 June 2011.

The sale price reflects a net initial yield of 5.8%.

The Junction Fund has owned the fully-let Morfa Shopping Park Swansea since October 2006. The disposal is 'part of the fund's strategy to focus on those properties that have greater asset management or development opportunities,' Cap & Reg said in a statement.

The sale of Morfa Shopping Park Swansea is the fourth disposal by the Junction Fund since the start of 2010, and the second to The Crown Estate following Ocean Retail Park Portsmouth in March 2011.

Capital & Regional owns 13.4% of the Junction Fund, which is a specialist retail park fund, owning six retail parks, one development site and one non-core industrial property.