Capital & Regional (C&R) has bought the Kittybrewster Retail Park in Aberdeen for £52.62m from Legal & General. The deal reflects an initial yield of 4.73%.
As tipped by EG in December, C&R said the deal is part of its strategy to enlarge its Junction portfolio.
Tenants on the 140,824 sq ft park include DFS, Currys, Comet, Halfords, Carpetright, TKMaxx and Office World. Its top rent is £22.50 per sq ft.
Andrew Lewis-Pratt, chief executive of The Junction said: “The purchase of Kittybrewster Retail Park is a significant addition to our 3.2m sq ft prime retail park portfolio. The purchase reflects our ongoing strategy to enlarge our Junction portfolio by investing in destination retail parks with high development and asset management potential, particularly those dominant within their catchments.”
Stockford Staunton and Eric Young & Co acted for Legal & General, with Jones Lang LaSalle acting for The Junction.
References: EGi News 27/01/05
