UK asset manager Aviva Investors has picked up a retail warehouse in the English city of Coventry.
UK asset manager Aviva Investors has picked up a retail warehouse in the English city of Coventry.
In a continuation of its opportunistic acquisition strategy, Aviva Investors Property Trust acquired the freehold of the B&Q retail warehouse on Brandon Road in Coventry in an off-market transaction from Clearbell Capital. The investment volume of just under £20 mln (€24 mln) reflects a net yield of nearly 7.5% per annum.
The property comprises a unit of 9,510 m2, with a garden centre and builders yard. The immediate area recently saw the development of the Warwick Retail Park, undertaken by another Aviva Investors managed fund. The passing rent is £1.5 mln per annum.
Aviva Investors was represented by Capita Property and Infrastructure. The vendor was represented by CBRE.
