Rockspring Property Investment Managers has bought Clayton Square shopping centre in Liverpool from Infrared Capital Partners for £38.4m – a net initial yield of 6.3%.
The acquisition of the 140,193 sq ft building represents the final allocation of Rockspring’s UK Value 2 Fund.
The shopping centre near Church Street includes 17 retail units, including one restaurant and a gym. Boots is the anchor tenant at the 95%-let property.
Other tenants include Vision Express, Maplin, Clas Ohlson, Peacocks, Costa and easyGym.
The acquisition marks 95% of the fund’s total commitments having been invested four months before the end of its investment period.
UK Value 2 assets include a retail park, six shopping centres, four regional offices, a speculative office development and two joint ventures focused on acquiring small industrial estates and strategic land.
The fund held its final close in February 2015, which, at eight months, was the fastest fundraise Rockspring has achieved in its 30-year history.
Rockspring secured a total of £342m of equity from 11 investors for the fund, which will have a lifespan of seven years.
Rockspring partner and fund manager Richard Bains said: “The swift deployment of capital into the UK commercial real estate market on behalf of UK Value 2 is testament to Rockspring’s track record of sourcing core-plus and value-add assets across the UK.
“The acquisition of Clayton Square in Liverpool’s thriving city centre complements the other retail assets in our portfolio and is in line with the fund’s core-plus risk profile.”
KLM represented Rockspring; Strutt and Parker acted for Infrared.
• To send feedback e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
