Henderson Global Investors’ £12.7 bn property business has purchased a 11,600 m2 retail park in the English coastal town of Bournemouth.
Henderson Global Investors’ £12.7 bn property business has purchased a 11,600 m2 retail park in the English coastal town of Bournemouth.
Mallard Road Retail Park was acquired from Orchard Street Investments for £34 mln (€41 mln), at a net initial yield of 7.5%.
The asset is located close to Bournemouth centre and Castlepoint, the UK's largest fashion retail park. The main tenant of the scheme is retailer Homebase.
'This was an excellent opportunity to acquire long secure income at a good yield within a strong retail location, enhancing the distributions for the fund,' said Marcus Langlands Pearse, director of property at Henderson. 'The proximity to Castlepoint Retail Park is likely to drive higher occupier demand in a recovering retail environment,' he added.
Orchard Street was advised by Morgan Williams.
