Rockspring buys retail assets for EUR 21m

Rockspring Property Investment Managers has announced the purchase of Kirkgate Retail Parade in Leeds and Princess House in Shrewsbury for a combined price of £18 mln (EUR 21 mln).

Rockspring carried out the acquisitions on behalf of its Retail Plus Fund.

Kirkgate retail parade in Leeds was bought in partnership with asset manager Hunter Property Fund Management from Prupim for just over £8 mln, reflecting a net initial yield of 7.5%. The asset offers 28,760 sq ft (2,600 m2) over the ground and first floors, with tenants including Greggs, Game, Perfect Home and Poundworld.

Princess House, a retail block with office accommodation above fronts the historic market square of Shrewsbury, was purchased from New River Retail for nearly £10 mln, reflecting a net initial yield of 7.2%. It provides 67,000 sq ft over the ground and three upper floors, as well as 51 car park spaces. Tenants include national operators such as Coats Viyella, HSBC and Starbucks, as well as a number of local traders.

'These transactions are a continuation of the fund’s strategic investment policy of actively re-cycling capital, following the successful execution of business plans, and re-investing into strong retail centres where there are opportunities over the short to medium term,' said Michael Pryer, associate partner at Rockspring and fund manager of Retail Plus.