Universities Superannuation Scheme (USS) has purchased White Lion Retail Park, Dunstable from Alecta, represented by Arlington Property Investors, for £29.15m.
The deal reflects a net initial yield of 5.87% and an equivalent yield of 6.02%.
White Lion Retail Park comprises 124,376 sq ft (11,559.5 sq m) in 12 retail units and 461 car parking spaces.
Tenants include Halfords, JJB Sports, Staples, First Choice Holiday Hyper Markets, Tiles R Us, Pets at Home, Powerhouse, ScS, Paul Simon, Klaussner and KFC.
Graham Burnett, fund manager, retail property at USS, said: “White Lion Retail Park is a significant addition to our retail park portfolio and follows recent purchases in Harlow and Hull.
“We remain very positive about the prospects for the retail warehouse sector and are actively seeking further investments”.
Chase & Partners and Jones Lang LaSalle represented USS. Colliers CRE advised Arlington.
References: EGi News 24/06/04
