Rockspring has acquired Euro Retail Park in Ipswich from Helix Property Advisors for £47.5m.
The price reflects a net initial yield of 7%.
Tenants at the 210,534 sq ft retail warehouse include B&Q, B&M, Sports Direct, Halfords, Dreams, ScS, Wren Kitchens, Harveys, Carpetright, Pizza Hut and Burger King, with a weighted average unexpired lease term of 10.5 years.
Phil Sturdy, European director at Rockspring, said: “Euro Retail Park fits perfectly with this fund’s core-plus, value-add strategy. It is a high-quality, low-risk retail park that will not only generate strong income returns, but offer value growth potential through a proactive asset management strategy.”
Rockspring was advised by Edgerley Simpson Howe; CBRE acted for Helix Property Advisers.
