British Land has sold five of the 17 Virgin Active health clubs it acquired in July 2011 for a combined total of £33m.

Colliers Capital acquired two of the clubs in Gloucester and Poole while the new owners of Virgin Active sites in Neath, Manchester and Oxford - also institutional buyers - declined to be named.

The five clubs are among the smallest in the portfolio and with the exception of Oxford are located outside the South East.

Following the deal British Land now holds a core portfolio of 12 premium racquet clubs. The majority of the 12 clubs left in the portfolio are located in the south east, with more than half within the M25.

The disposal price of £33m represents an average net initial yield of 6.5 per cent. British Land paid Societe Generale £179m for the 17 clubs in 2011.

Charles Maudsley, Head of Retail for British Land, said: "I am pleased with the level of institutional demand we have seen for these assets.

"This reflects the high quality of the assets and demonstrates our ability to work successfully with banks and other sellers to unlock opportunities and create incremental value for our shareholders."