UK Commercial Property Trust, managed by Ignis Asset Management, has purchased the 6,000 m[sup]2[/sup] Kew Retail Park outside London from Henderson UK Retail Warehouse Fund for £31 mln (EUR 35 mln) representing a net initial yield of 6.89%. The scheme houses retailers such as Mothercare, TK Maxx, Gap, Next and Boots with rents ranging from £385 per m[sup]2[/sup] to £406 per m[sup]2[/sup] across five retail warehouse units.
UK Commercial Property Trust, managed by Ignis Asset Management, has purchased the 6,000 m2 Kew Retail Park outside London from Henderson UK Retail Warehouse Fund for £31 mln (EUR 35 mln) representing a net initial yield of 6.89%. The scheme houses retailers such as Mothercare, TK Maxx, Gap, Next and Boots with rents ranging from £385 per m2 to £406 per m2 across five retail warehouse units.
'The purchase of Kew Retail Park represents the first acquisition for UKCPT. We are delighted to be able to purchase such a prime asset to complement the quality of the existing UKCPT portfolio which already benefits from a very strong covenant and lease expiry profile,' said Robert Boag, Investment Manager of Ignis Asset Management.
Michael Neal, Fund Manager of Henderson Global Investors Retail Warehouse Fund said, 'Kew Retail Park has performed successfully for our Retail Warehouse Fund. Since its acquisition of the asset in 2002 the Fund has been successful in increasing total rents by over 60%. The sale shows encouraging signs for buyers of retail warehouses that there is liquidity in the market, despite the current market conditions.'
GVA Grimley acted for UKCPT / Ignis Asset Management and Cushman & Wakefield and Morgan Williams acted for Henderson UK Retail Warehouse Fund.
