Rockspring Property Investment Managers is acquiring Bramley Shopping Centre in the English city of Leeds in the second investment on behalf of its UK Value 2 fund.
Rockspring Property Investment Managers is acquiring Bramley Shopping Centre in the English city of Leeds in the second investment on behalf of its UK Value 2 fund.
The UK-based fund manager is buying the property from UK REIT NewRiver Retail for £18.5 mln (€23 mln), reflecting a net initial yield of 7.2%.
NewRiver had acquired the asset as part of a portfolio of five shopping centres (CReAM portfolio) in 2010. The sale price is 1.4% above the March 2014 year-end valuation.
Bramley Shopping Centre comprises almost 11,300 m2 of retail space across 54 units let to a range of retailers including Tesco, Farmfoods, Boots, Bright House, Greggs and Pound Stretcher.
On 23 July Rockspring completed the first acquisition on behalf of the UK Value 2 fund. It bought the Maskew retail park in Peterborough, UK from Chambers Street Properties for €47 mln, reflecting an initial yield of 6.25% per annum.