The Junction Fund, managed by Capital & Regional, has exchanged contracts to sell the South Aylesford retail park in Maidstone, UK to The Crown Estate for £71 mln (EUR 81 mln), in line with the June 2011 valuation. Completion of the sale is anticipated to take place on 30 September 2011. The sale price reflects a net initial yield of 5.87%.

The Junction Fund has owned the retail park since January 2002 and the scheme is fully occupied. The sale is part of Junction's strategy to focus on assets that have greater asset management or development opportunities, the company said in a statement.

Earlier this year Junction Fund sold The Crown Estate its Ocean Retail Park in Portsmouth and Morfa Shopping Park in Swansea. Following completion of this sale Junction Fund’s bank debt will have been reduced by 63% since May 2009.

Capital & Regional has an interest of 13.4% in Junction Fund and acts as property and asset manager.