Greenridge Investment Management has sold a 71,000sqft UK retail warehouse in Ipswich for £28.6m (€32.8m) following a hold period of less than two years.
The real estate manager said it has sold the purpose-built Waitrose & John Lewis at Home development at Futura Park which was originally purchased in May 2024 for £21.9m.
Greenridge said the asset, held within its GO Fund, was acquired as part of a “strategy to target high-quality, income-generating retail assets with strong underlying fundamentals”.
Following a period of active asset management and increased demand for secure, long-income retail warehousing, the asset was sold at a price representing a 7.1% net initial yield, the manager added.
Alex Walker, partner at Greenridge Investment Management, said: “This sale highlights that our conviction in well-located retail warehousing with secure contractual income to a strong covenant was justified at a point in the cycle when many others were retrenching investment activities.
“We’re delighted that our ability to unlock value through our defined strategies and disciplined acquisition process alongside active asset management has again resulted in an excellent return for our investors.”
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