UK fund manager Hermes Real Estate has sold its Exeter retail park to private equity and real estate firm CIT for £42mln (EUR 53mln), reflecting a net initial yield of 6.19%. The park comprises 10 retail-warehouse units on a total of 10,600 m[sup]2[/sup] of space. Major tenants include Currys, McDonalds and Carphone Warehouse. Shoe retailer Brantano signed a 15-year lease at the beginning of the year.
UK fund manager Hermes Real Estate has sold its Exeter retail park to private equity and real estate firm CIT for £42mln (EUR 53mln), reflecting a net initial yield of 6.19%. The park comprises 10 retail-warehouse units on a total of 10,600 m2 of space. Major tenants include Currys, McDonalds and Carphone Warehouse. Shoe retailer Brantano signed a 15-year lease at the beginning of the year.
Russell Black of Hermes said: 'The sale of Exeter Retail Park is in line with our business strategy and will allow the team to fully focus on major refurbishment and extension opportunities that are ongoing within the Hermes retail warehouse portfolio.'
