Hermes Real Estate has offloaded the Forge retail park at Parkhead to Rock Investments, reflecting a strategy to reduce its retail exposure and reallocate funds to other asset classes.

The 400,000 sq ft retail-warehousing park is let to a number of high-profile tenants - including Next, Marks & Spencer, Argos, Currys, Carphone Warehouse and Pizza Hut - at a total rent of £5.7m per year. The deal reflects a 4.8-per cent net initial yield.

Russell Black, investment manager for retail warehouses at Hermes, said: "The out-oftown retail investment market remains buoyant with good investor appetite for well-located parks which have improving footfall, especially where there are ongoing asset management opportunities.

"Securing M&S as a new tenant was an important step that enabled us to secure an excellent price but also provides a platform for the new purchasers to build on."