First Property Group has taken a consortium including the University of Cambridge and a family office into the Polish retail sector.

The AIM-listed fund manager said it has bought a new shopping centre in Świnoujście for €24.08m.

The investment was part funded by a bank loan of €17.5m.

First Property is investing €2m, with the remaining equity coming from a family office, a University of Cambridge college and other clients of the firm.

The centre has a weighted-average unexpired lease term of 4.5 years. Annual net operating income from the property is €1.89m, equating to a net 7.85% yield.

Ben Habib, group chief executive, said the asset is “well located, well designed and well let at rent levels that offer room for growth”.

The investment is forecast to earn an annual pre-tax profit of €1.25m, generating a pre-tax rate of return on equity invested of 17.65%.