ING Real Estate Investment Management said that it has acquired £167 mln (EUR 195 mln) of UK retail assets in three separate transactions on behalf of its client, the West Midlands Metropolitan Authorities Pension Fund.
ING Real Estate Investment Management said that it has acquired £167 mln (EUR 195 mln) of UK retail assets in three separate transactions on behalf of its client, the West Midlands Metropolitan Authorities Pension Fund.
The Arc Shopping Centre in Bury St Edmunds was acquired for £79.45 mln, reflecting an initial yield of 5.55%. The vendor was a client of Delancey.
The modern shopping centre, opened in 2009, consists of 35 units and a department store totalling 25,000 m2. It also includes residential, restaurant and civic accommodation as well as parking for 850 cars. The Arc is anchored by a Debenhams department store and the net rental income for the centre is £4.6 mln.
Knight Frank/CBRE acted for ING REIM whilst Jones Lang LaSalle represented the vendor.
Clifton Moor, Phase III, York, an open A1 retail warehouse park was acquired for £37.5 mln, reflecting an initial yield of 5.5%. The vendor was a client of SWIP.
The 13,400-m2 property forms part of Clifton Moor Retail Park, the fifth largest retail park in the country. Savills acted for ING REIM and Edgerley Simpson Howe represented the vendor.
The third asset acquired was a 5,400-m2 Morrisons Supermarket, Wood Green, London. The investment volume of £25.7 mln, reflecting an initial yield of 4.28%. The vendor was Astra Estates.
CBGA acted for ING REIM.