The Henderson UK Property Unit Trust has added a prime retail investment in Kilburn, London to its portfolio. The property was acquired from a private investor for £19.9 mln (€24 mln), representing a net yield of 5.52%.
The Henderson UK Property Unit Trust has added a prime retail investment in Kilburn, London to its portfolio. The property was acquired from a private investor for £19.9 mln (€24 mln), representing a net yield of 5.52%.
The asset comprises of four retail units which are multi-let to TK Maxx, Sport Direct, Vodafone and Aldi; each has fixed rental uplifts at review. Together with a self-contained office, the property boasts a combined floor area of 4,645 m2 and produces a total current rental income of £1.63 mln per annum with a weighted average lease term of 10 years to expiry.
Marcus Langlands Pearse, Director of Property, said: 'The investment in Kilburn fits with our strategy of sourcing prime retail assets situated in fast improving Central London locations, whilst offering a solid rental income.'
The Henderson UK Property Unit Trust has invested over £400 mln year to date across all sectors. It has traditionally held a low weighting towards high street retail. Recent purchases, including this asset and an M&S in Nottingham, reflect the fund’s strategy to reweight into core properties with rebased rents in the retail sector.
Henderson Global Investors was advised by Lewis Ellis and the vendor was advised by Molyneux Rose.
