CB Richard Ellis Investors, the global real estate investment management firm, announced today the purchase of six high street retail assets for £37.6 million. The properties are located across the UK in Chiswick, Royston, Chester, York, Chelmsford and Truro.
The purchase of this portfolio was made by way of a phased completion, with the last transaction completing in January 2010. The total price of £37,586,000 reflected a blended net initial yield of 5.3%. The portfolio consists of good quality retail properties in excellent pitches in strong retailing centres. The portfolio has a weighted unexpired lease term of 9 years and is let to strong covenants.
Commenting today, Michael Ness, Senior Director, UK Managed Accounts Group said: ‘We are extremely pleased to invest money off-market at a time when well let investments are in great demand. The retail sector offers strong income driven returns that are attractive for our portfolios.’
CBRE Investors purchased the portfolio in an off market deal from Tony Khalastchi and Flodrive Group. David Baroukh Associates LLP and GCW acted for CBRE Investors.