Orchard Street Investment Management has acquired The Beehive Centre in Cambridge from British Land for £109 mln (EUR 137 mln), reflecting a net initial yield of 5.25%.
Orchard Street Investment Management has acquired The Beehive Centre in Cambridge from British Land for £109 mln (EUR 137 mln), reflecting a net initial yield of 5.25%.
The 238,000 sq ft (22,000 m2) retail scheme was acquired by British Land in 1998. The asset, located near Cambridge city centre, comprises 16 retail units and is anchored by a 70,000 sq ft Asda food store.
Other retailers include M&S Simply Food, Toys R Us, TK Maxx, Carpetright, Dreams, DW Sports Fitness, Next Home, B&M Retail, Maplin and HomeSense.
Chris Bartram, chairman at Orchard Street, said: 'The property increases the volume of shopping centres and parks that the company manages to £1.4 bn'.
Established in 2004, Orchard Street Investment Management is a specialist commercial property investment manager, focused on the UK market. Orchard Street currently has assets under management totalling £3 bn.
