CBRE Global Investors has acquired a motorway service area (MSA) in the UK town of Doncaster for £21 mln (€27 mln), reflecting a net initial yield of 6.3%.

CBRE Global Investors has acquired a motorway service area (MSA) in the UK town of Doncaster for £21 mln (€27 mln), reflecting a net initial yield of 6.3%.

The MSA - Doncaster North Services - was bought from an offshore fund on behalf of a separate account client and is let in its entirety to Moto Hospitality with a guarantee from Compass Group for another 11 years at a rent of £1.4 mln per annum.

Built in 2000, the property comprises a large BP petrol station, a Travelodge hotel and a Moto pavilion food court. The pavilion is operated by Moto and occupiers include Burger King, Costa and WH Smith.

'With a long lease, let to an operator with the benefit of a strong guarantor and attractive annual RPI reviews we have secured an asset that complements our client’s portfolio well and meets their investment criteria,' said Tim Munn, senior director of CBRE Global Investors. 'The MSA sector provides diversification for us into a sector with the added benefit of barriers to entry.'

GVA and Field Fisher Waterhouse acted on behalf of CBRE Global Investors and Cushman & Wakefield, while Pyle & Owen and Stephenson Harwood advised the seller.