Ignis Asset Management has bought Leamington Spa shopping park in Warwickshire for a record sub-4.5% yield.
The fund manager has aqcuired the 220,000 sq ft park from the Hercules Unit Trust and the Crown Estate for circa £70m. The yield is widely believed to be one of the lowest since the peak of the market, with the out-of-town retail sector marked by a weight of money but lack of stock.
The park is let to tenants including Argos, Next, New Look, Clarks and Halfords.
Leamington Spa was quietly marketed to a group of potential investors earlier this year.
It comes as German fund Deka Immobilien is lining up an off-market deal to sell its Cambridge retail park near the university town to Standard Life Investments for around £110m – a circa 5% yield – as revealed by EGi.
annabel.dixon@estatesgazette.com
