Orchard Street Investment Management has completed the acquisition of Snipe retail park in Manchester in an off-market transaction for £61.8 mln (€88 mln), reflecting a net initial yield of 6.7%.
Orchard Street Investment Management has completed the acquisition of Snipe retail park in Manchester in an off-market transaction for £61.8 mln (€88 mln), reflecting a net initial yield of 6.7%.
The asset was acquired on behalf of St James’s Place from LaSalle Investment Management.
Snipe is a dominant retail park in Manchester, providing 242,000 sq ft (22,500 m2). The scheme is occupied by 15 national retailers, including operators such as B&Q, Next and Dixons Carphone, with a weighted average unexpired lease term of 6.2 years.
'Snipe Retail Park is an excellent addition to our portfolio,' said Tom Chadwick, investment transactions manager at Orchard Street. 'It benefits from a diverse range of committed tenants attracting a high level of footfall. In addition to the strong income yield we plan to execute a number of asset management strategies to enhance future growth.'
Orchard Street was advised by Savills. LaSalle Investment Management was advised by Wilkinson Williams.
