UK - The CB Richard Ellis Realty Trust has expanded its property holdings outside of the United States after purchasing a second major UK retail park.

CBRE Realty Trust, which will invest up to 30% of its assets outside of the US, spent £30m on buying the recently-developed Maskew Retail Park, a 144,000sqm, high-quality retail centre located in the heart of Peterborough.

The centre, which cost almost three times more than CBRE's previous UK retail investment, is made up of two retail blocks and is leased on a long-term basis to three of the UK's leading retailers - B&Q, Matalan and Argos - which have an average lease term of 17 years left.

Phil Kianka, chief operating officer of CBRE Realty Trust, said: "The newly-constructed Maskew Retail Park boasts three of the UK's leading retailers and is well-located in a primary retail corridor of Peterborough, which has been projected to see above average population growth and employment over the next few years."

Around 19% of CBRE Realty Trust's assets are now invested outside the US with the purchase of Maskew Retail Park.

CBRE Realty Trust announced the purchase of Albion Mills Retail Park in Wakefield, West Yorkshire in July 2008, for £10.5m.

But Jack Cuneo, president and chief executive officer of CBRE Realty Trust, said the intention is to tap opportunities as they arise under this economic climate.

"We want to diversify our geographical investments. We are looking at locations where we have a strong team which can help represent us. The economic situation has given great opportunities to buy at much more realistic prices than in the past two years. It is a great time to have cash and buy properties with attractive yields."

CBRE Realty Trust is sponsored by Los Angeles-based CBRE Investors and invests primarily in office, retail, industrial and multifamily residential properties in key metropolitan areas in the US on behalf of institutional investors, including pension funds.

CBRE Investors is a global real estate investment management firm with around $43.7bn in assets under management as of June 30 2008.