Cordea Savills, the international property fund manager, has acquired the Apex Retail Park in Twickenham for £14.4m on behalf of the Charities Property Fund.
The property offers a net yield to the Fund of 6.4% and the prospect of capital growth given the shortage of retail warehousing in South West London. This is the Fund’s first acquisition of 2010 and adds to the four transactions totalling more than £40m purchased in the second half of 2009.
The retail park comprises two retail warehouse units with 152 car parking spaces, and is fully let.
Harry de Ferry Foster, Fund Director, commented: “We have been particularly successful in securing properties with above average lease lengths, excellent tenant quality and at yields, on average, that are significantly higher than the IPD average. The Fund now offers a net distribution yield of around 7.5%, which is extremely attractive to charities in the current environment of low interest rates and economic uncertainty. This, together with its tax efficiency, makes the Fund an ideal investment vehicle for charities.”
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