Rockspring Property Investment Managers has acquired a retail park in the English town of Ipswich for £47.5 mln (€65 mln), reflecting a net initial yield of 7%.
Rockspring Property Investment Managers has acquired a retail park in the English town of Ipswich for £47.5 mln (€65 mln), reflecting a net initial yield of 7%.
Rockspring acquired Euro Retail Park on behalf of a separate account mandate from Helix Property Advisors.
The 19,600 m2 retail warehouse park is located south east of the town centre in Ipswich’s prime retail warehouse location, opposite. Tenants at Euro Retail Park include B&Q, B&M, Sports Direct, Halfords, Pizza Hut and Burger King. The weighted average unexpired lease term is 10.5 years.
'Euro Retail Park fits perfectly with this fund’s core-plus, value-add strategy,' said Phil Sturdy, European director at Rockspring. 'It is a high-quality, low-risk retail park that will not only generate strong income returns but offers value growth potential through a pro-active asset management strategy.'
Rockspring was advised by Edgerley Simpson Howe whilst CBRE acted for Helix Property Advisers.
