Ediston has bought Springkerse Retail Park in Stirling for £21.85m in an off-market transaction.
The price paid to clients of LaSalle Investment Management reflects an initial yield of 9.54%.
The 163,000 sq ft Springkerse is the chief retail park in Stirling, with 10 of its 12 units let to tenants including B&Q, Wren Kitchens, DFS, Pets at Home and Halfords, paying an annual rent of £2.23m.
Ediston hopes that upgrades to the park will secure lettings for the remaining two units, pushing the yield to 10.8%.
The acquisition was funded using proceeds from the sale of the Tesco Superstore in Prestatyn, which was sold for a 5.2% yield.
Investment manager Calum Bruce said: “The purchase of this asset is consistent with our recently updated investment strategy of acquiring retail warehouse parks. It is our objective to recycle capital from lower yielding assets into properties which are more suited to our intensive style of asset management, and this acquisition achieves this aim.”
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