Schroder Real Estate Investment Trust has acquired the freehold interest in St John's Retail Park in the eastern English country town of Bedford.
Schroder Real Estate Investment Trust has acquired the freehold interest in St John's Retail Park in the eastern English country town of Bedford.
The investment volume of £32 mln (€44 mln) reflects a net initial yield of 6.5%.
The property is located some 2.4 kilometres south of Bedford town centre and comprises a 130,000 sq ft (12,000 m2) retail warehouse park let to 12 tenants with an adjoining 1,000 m2 office building.
The retail park produces a rent of £2 mln per annum which reflects a relatively low average rent of £16 per square foot. The average unexpired lease term, assuming all tenants break at the earliest opportunity, is 7.9 years.
The vendor was not identified.
