PRUPIM has sold the Bridgend Retail Park in South Wales to the BA Pension Fund for £18.9m.
The prime retail park situated next to Tesco Extra, between Bridgend town centre and Junction 35 of the M4 motorway includes 84,000 sq ft with six national occupiers including Homebase, Comet and Currys.
The sale reflects a net initial yield of 6.6%.
King Sturge advised PRUPIM.
Jonathan Phillips, investment partner at King Sturge, Cardiff, said: “Despite the uncertain economic outlook, this deal proves there remains an appetite for prime commercial opportunities.
“The strong tenant line-up and average weighted unexpired term of over 8 years resulted in interest from established pension funds and institutions – this enabled us to conclude a deal that significantly exceeded our asking price”.
nathan.cross@estatesgazette.com
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