CBRE Global Investors, acting on behalf of a pension fund client, has acquired Central Retail Park in the English town of Milton Keynes from Rockspring Property Investment Managers’ TransEuropean Property Partnership IV.
The deal was an off-market transaction worth £35 mln (€45 mln), reflecting a 5.84% net initial yield.
'We are pleased to secure this retail park, which fits our strategy of enhancing the quality and scale of our client’s retail assets,' said Tim Munn, senior director at CBRE Global Investors. 'We believe the park is well placed for rental growth and presents a number of asset management opportunities.'
The park provides a total of 107,700 sq ft (10,000 m2) and is fully let to Pets at Home, Hobbycraft, Next, Poundland, Halfords, Decathlon, Smyths Toys, EE and Go Outdoors. The investment provides a weighted average unexpired lease term (WAULT) of just over 8.5 years to breaks.
Montagu Evans advised CBRE Global Investors and Harvey Spack Field advised Rockspring.
