Hermes Real Estate has sold the 114,542 sq ft Exeter Retail Park to CIT for £42.05m. The deal reflects a net initial yield of 6.19 per cent with five rent reviews currently outstanding.
The 10-unit retail warehouse park is let to a tenant line up including Currys, Comet, Argos, Carpetright, Staples, Harveys, Allied Carpets, McDonalds and Carphone Warehouse. And Brantano has recently started trading from the park after signing a new 15-year lease.
Russell Black at Hermes Real Estate Investment Management said: "The sale of Exeter Retail Park is in line with our business strategy and will allow the team to fully focus on major refurbishment and extension opportunities that are on-going within the Hermes retail warehouse portfolio at The Maybird Shopping Park, Stratford-Upon-Avon; Tottenham Hale Retail Park, North London and the Pipps Hill Retail Park, Basildon."
Hermes was advised by advised by DTZ and CIT by MBH.
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