CBRE Global Investors has sold Reading Retail Park in Reading to a private investor for £31m – a 6.8% net initial yield.
The 118,225 sq ft retail park, which was part of the CBRE UK Property PAIF portfolio, is fully let and includes eight retail warehouse units and 430 car parking spaces.
Hannah Marshall, fund manager of the CBRE UK Property PAIF, said: “It is key that we continue to recycle assets to ensure our portfolio is of the highest quality. In line with our strategy, we continue to invest capital in quality assets and create value for our investors.
“As an asset based in a non-core location, it allows us to focus more on acquiring core properties which align with our portfolio strategy.”
Cushman & Wakefield advised CBRE GI.
The £1.5bn UK Property PAIF was launched in December 2016 following the merger of CBRE Global Investors’ UK Property Fund and the ESPS UK property portfolio.
