Henderson Global Investors, on behalf of its UK Retail Warehouse Fund, has acquired Almondvale retail park in Livingston, Scotland, for £31.9m – a 7% initial yield.
The 111,000 sq ft site was purchased from Land Securities. Current tenants include Argos, Pets at Home, Halfords, Hobbycraft and Currys/PC World.
Michael Neal, fund manager for the Henderson UK Retail Warehouse Fund, said: “Almondvale presented an excellent opportunity to acquire an asset with a strong trading profile and tenant mix, complemented by an underlying open A1 consent and sustainable rental tone.”
“The asset generates a high income return that will significantly enhance fund distributions at a time when the income component is likely to be a major driver of all property returns in the short-to-medium term. The asset provides excellent support for the core income and asset management-focussed existing fund portfolio.”
Savills advised Land Securities; Cushman & Wakefield acted for Henderson.
annabel.dixon@estatesgazette.com
