LaSalle Investment Management on Monday announced the acquisition of a prime retail unit on Exeter High Street for £2.9 mln (EUR 3.3 mln). The deal follows LaSalle's acquisition of two additional units (231/231a) on Exeter High Street in July 2009 for a pension fund client.The purchase price reflects a net initial yield of 7.21%.
LaSalle Investment Management on Monday announced the acquisition of a prime retail unit on Exeter High Street for £2.9 mln (EUR 3.3 mln). The deal follows LaSalle's acquisition of two additional units (231/231a) on Exeter High Street in July 2009 for a pension fund client.The purchase price reflects a net initial yield of 7.21%.
The single unit (36/37) comprises 5,500 square feet (511 m2) over four floors and is let to Paperchase Products Ltd for a term of 10 years, until June 2017. The property is currently generating an income of £221,000 per annum. LaSalle was advised by Hartnell Taylor Cook.
LaSalle IM is a member of the Jones Lang LaSalle group with approximately $36 bn ($25.5 bn) of assets under management (as at Q1 2009) of private and public property equity investments.
