Cordea Savills has acquired the North Lincolnshire shopping park in Scunthorpe on the East coast of England for around £23.5 mln (€28 mln) on behalf of its Bishopsgate Long Term Property Unit Trust.
Cordea Savills has acquired the North Lincolnshire shopping park in Scunthorpe on the East coast of England for around £23.5 mln (€28 mln) on behalf of its Bishopsgate Long Term Property Unit Trust.
The acquisition price reflects a net initial yield of 6.1%.
Cordea Savills has reached agreement with Simons Group to fund the acquisition, which brings the total value of completed investments on behalf of the fund to over £225 mln since the start of 2013.
The 67,975 sq ft (6,300 m2) out-of-town retail park comprises four multi-let units, of which three are already let. Major tenants include Debenhams, Marks & Spencer and Boots.
'We forecast that values in the out-of-town market for retail warehousing will continue to improve, driven by a weight of money and lack of stock,' commented portfolio manager Patrick Lowther.
Cordea Savills was advised by Savills.
