Europa Capital and Ediston Real Estate have acquired the Pallion retail park in Sunderland, UK, for £19 mln (€23 mln), reflecting a net initial yield of 7.29%.
Europa Capital and Ediston Real Estate have acquired the Pallion retail park in Sunderland, UK, for £19 mln (€23 mln), reflecting a net initial yield of 7.29%.
Pallion Retail Park comprises 130,000 sq ft (12,000 m2) of retail warehouse accommodation in seven units. The property is let to a number of national retailers, including Matalan, B&M, Dunelm, Iceland and Poundstretcher.
The property was sold by Scottish Widows Investment Partnership. Lender RBS financed the deal.
James Fortescue at Europa Capital said, 'We are pleased to have acquired this asset which complements our growing regional portfolio. The investment provides an opportunity to improve the capital value through active asset management and extending the retail offering.'
