CBRE Global Investors has bought a UK retail property asset for a pension fund client.
The investment manager paid £35m (€44.5m) for the multi-let retail park in Milton Keynes.
The 107,700 sqft park is fully let, with a weighted average unexpired lease term of just over 8.5 years.
Tim Munn, senior director at CBRE Global Investors, said Milton Keynes had strong demographics and that the park had an attractive retailer mix and an excellent trading profile.
“The park is well placed for rental growth and presents a number of asset management opportunities,” Munn said.
The asset, Central Retail Park, was sold by Rockspring Property Investment Managers’ TransEuropean Property Limited Partnership IV.
Paul Hampton, a partner at Rockspring and fund director, said: “Since taking ownership in late 2009, the team has successfully re-tenanted and stabilised this investment and, with this sale, closed out an exciting and rewarding value-add business plan for the fund.”
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