Kames Capital has made its debut acquisition for its newly launched £115m Active Value Property Fund.
The fund bought the £5.5m Wickes DIY store in South Shields, Tyne and Wear, reflecting a net initial yield of 8%.
Kames now has a pipeline of £50m of properties for the fund, which focuses on secondary and value-add properties across the UK with yields of 8-10%.
The Active Value closed-ended fund launched in October this year.
sophia.furber@estatesgazette.com
