UK REIT Hammerson has acquired Wrekin Retail Park in the English town of Telford for £42 mln (EUR 49 mln), including acquisition costs. The vendor is Legal and General Property, which has owned the park since its development in 1996.
UK REIT Hammerson has acquired Wrekin Retail Park in the English town of Telford for £42 mln (EUR 49 mln), including acquisition costs. The vendor is Legal and General Property, which has owned the park since its development in 1996.
The 13,500-m2 (145,261 sq ft) park has open A1 planning consent and adjoins an owner-occupied Tesco Extra store. Wrekin Retail Park is fully let to nine retailers including Asda Living, Boots, Homebase and Matalan. Gross rental income is £2.6 mln per annum with an average unexpired lease term of over 10 years. Average rents are £18 per sq ft.
David Atkins, CEO of Hammerson said: 'Retail parks represent a significant part of our portfolio. They remain in demand from our occupiers and their customers thanks to their convenience, accessibility and affordability for tenants.'