Invista Real Estate Investment Management (Invista) has committed to the forward funding of a retail warehouse development in Guildford on behalf of a client. The site is being developed by builders' merchant Travis Perkins and has been pre-let to a TP group company, Wickes Building Supplies for 25 years.

Invista Real Estate Investment Management (Invista) has committed to the forward funding of a retail warehouse development in Guildford on behalf of a client. The site is being developed by builders' merchant Travis Perkins and has been pre-let to a TP group company, Wickes Building Supplies for 25 years.

The 3,000-m2 development was acquired by Invista for £18 mln (EUR 21 mln), representing a net initial yield of 5.65%.

Situated at the junction of Woodbridge Road and Ladymead, it is located in a prime area of Guildford, one of the strongest retail markets in the southeast. Due for completion in December 2011, Wickes will occupy the home improvement store on a 25-year lease with RPI linked rent reviews.

CBRE acted on behalf of Invista and King Sturge represented Travis Perkins.