Legal & General Property has acquired Stevenage Leisure Park in Hertfordshire from Aviva Life & Pensions for £40m.
The price paid for the 200,000 sq ft leisure park reflects a net initial yield of 6.5%.
The park includes 17 units and is anchored by a 16-screen Cineworld multiplex cinema.
The scheme is fully let; other key anchors are a David Lloyd Health and Fitness Centre and a Hollywood Bowl.
L&G fund manager Mark Russell said: “The Leisure sector offers attractive risk-adjusted income streams with a blend of fixed rental increases and reviews to open market rental value.
“It therefore provides an attractive alternative to some of the more traditional investment sectors.”
Montagu Evans acted for L&G; CBRE represented Aviva Life & Pensions.
Nick.whitten@estatesgazette.com
