Rockspring Property Investment Managers has acquired the Hatch industrial park in Basingstoke and a parade of retail units in Lancaster, Lancashire, in the UK for a total of £20 mln (€24 mln).
Rockspring Property Investment Managers has acquired the Hatch industrial park in Basingstoke and a parade of retail units in Lancaster, Lancashire, in the UK for a total of £20 mln (€24 mln).
The acquisitions were made for the Rockspring Hanover Property Unit Trust.
Hatch Industrial Park, located in South East England, was acquired for £9.9 mln, reflecting a net initial yield of 7.1%. The vendor was the British Airways pension fund.
The park comprises a total of 97,034 sq ft (9,000 m2) of high quality industrial space across nine units, and is fully let to eight tenants, with an average unexpired lease term of nine years. Fletcher King acted for Rockspring, while Dowley Turner Real Estate advised British Airways Pension Fund.
Separately, Hanover acquired 1-11 Penny Street, and 2,6-8 and 10 Lancaster Gate, Lancaster, a multi-let parade of eight retail units, for £10 mln, reflecting an initial yield of 7.1%, from Gordon Neville Moon Properties and Rockhouse Investment.
The units are let to high quality occupiers, including Superdrug, Topshop/Topman and O2. CBRE acted for the vendor, while Knight Frank, Bradys and Reith Lambert acted for Rockspring.
Hanover is a UK focused, open-ended fund that has been delivering income and capital growth to professional investors for over 45 years.