UK & European Investments, the property company owned by the Lewis family – which created River Island – has bought its second retail park.
It beat nine others, including LxB, Morley and Prudential, to the 142,000 sq ft City Link retail park on Newport Road in Cardiff.
It paid £30.5m – a 5.5% yield.
Vendor Standard Life was seeking offers over £26m.
Robert Greacen, head of UK & European, said: “We’ll reconfigure some leases and be able to increase rents quickly.”
Passing rents are £10-£14.80 per sq ft.
Edgerley Simpson Howe & Partners advised Standard Life. John Miles & Co acted for UK & European.
References: EGi News 04/05/04
