Rockspring Property Investment Managers has completed the acquisition of the Maskew retail park in Peterborough, UK from Chambers Street Properties for £37 mln (€46.9 mln).
Rockspring Property Investment Managers has completed the acquisition of the Maskew retail park in Peterborough, UK from Chambers Street Properties for £37 mln (€46.9 mln).
The transaction price reflects an initial yield of 6.25% per annum. The asset was purchased on behalf of the investment manager's UK Value 2 fund and marks the first acquisition for the vehicle.
Maskew Retail Park is situated in Peterborough’s primary retail corridor and comprises 145,000 sq ft (13,500 m2) of space over three units. It is currently fully leased to retailers Matalan, B&Q and Argos.
UK Value 2 recently held its second close bringing total equity raised to £100 mln, and is on target to meet the projected £300 mln equity raise for its final close.
Richard Bains, Rockspring partner and fund manager of the UK Value series, said the asset fits in 'perfectly' with the fund’s core plus, value-add strategy. 'It is a high-quality, low-risk retail property that will not only generate strong rental returns but offer value growth potential.'
Rockspring is being advised on the asset by Westmount Real Estate. Stockford Staunton acted for Rockspring / Westmount, while Savills acted for Chambers Street, the vendors.
