Terrace Hill Group PLC (THG.LN) Monday said it has sold a supermarket at one of its retail parks to Aviva Investors Pensions Ltd. for GBP27.67 million before it has been built.

Terrace Hill said it has pre-let the 92,333 square foot store in Bishop Auckland, northern England to U.K. supermarket chain J Sainsbury PLC (SBRY.LN) on a 25-year lease at an initial rent of GBP18 a square foot.

The sale to Aviva is at a 5.7% net initial yield.

Terrace Hill said it expects the Sainsbury's store to open its doors by Christmas 2010, with construction starting in November this year.

Company Web site: www.terracehill.co.uk

-By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com
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