Rockspring Property Investment Managers has invested £38.4m (€49.6m) in a UK retail asset for its second core-plus fund.

The investment manager bought the Clayton Square shopping centre for its UK Value 2 Fund at a 6.25% net initial yield from Infrared Capital Partners. 

The 140,193 sqft asset is currently 95% let.

Richard Bains, partner and fund manager, said the repositioning of the asset re-established it as a “prime retail asset” within Liverpool, allowing for rental growth moving forwards, as well as potential to add value through further asset management.

Rockspring said the acquisition took the fund to 95% of its total commitments, with four months left until the end of its investment period.

The seven-year fund holds a retail park, six shopping centres, four regional offices and a speculative office development, as well as two joint ventures focused on small industrial estates and strategic land.

The fund held its final close in February last year, with £342m of equity raised from 11 investors.