LaSalle Investment has sold a regional UK retail park to St James’s Place.

The investment manager sold its Snipe Retail Park, in Manchester’s Ashton-under-Lyne, for £61.8m (€86.5m), reflecting a net initial yield of 6.7%.

Orchard Street Investment Management bought the asset in an off-market transaction for St James Place.

Orchard Street took on the mandate to manage the St James’s Place UK Life and Pension Property Fund and the St James’s Place Authorised Property Unit Trust – two funds worth more than £800m combined – in 2012.

Tom Chadwick, investment transactions manager at Orchard Street, said the company would look to execute a “number of asset management strategies to enhance future growth”.

The 242,000 sq ft Snipe retail scheme, occupied by 15 tenants, including B&Q, Next and Dixons Carphone, has more than six years of unexpired leases left.