Guernsey-based investment company O Twelve Estates has acquired a Romford retail park from Diageo Pension Trust for £12.6m.
The 48,000 sq ft Grove Farm Retail Park, located on Chadwell Heath High Road, comprises three units with open A1 consent.
Two of the units are let to Halfords and Staples UK and the third unit is currently being marketed.
The initial yield of 3.0% is expected to rise to 5.3% when the vacant unit is let.
Phillip Rhodes, chairman of O Twelve said: “This acquisition provides further scale in terms of the assets owned by the company in the Thames Gateway and brings total purchases to over £170m since the company’s launch in March 2006.
“We look forward to reporting continuing progress in our acquisition program.”
