DTZ Investors has bought the Kingsditch retail park in Cheltenham for £42.40m, which reflects a net initial yield of 5.65 per cent.
The investment comprises a multi let out of town retail scheme and adjoining industrial estate. The property is prominently situated on the A4019 Tewkesbury Road and houses retailers including, M&S simply food, Halfords, B&M and ScS.
The acquisition for Strathclyde Pension Fund supports the fund’s strategy of investing in strong locations with asset management opportunities.
DTZ Investors was represented by Hampson Wall, and CWM acted on behalf of the vendor.