ING REIM buys in Norwich
Published: 22 April, 2010
ING Real Estate Investment Management has acquired Cathedral Retail Park in Norwich from CBRE Investors for £17.3m, reflecting a net initial yield of 5.75 per cent.
The freehold investment comprises a terrace of four retail units totalling 58,595 sq ft which are currently occupied by Toys R Us, Brantano, Farm Foods and TK Maxx. The total passing rent for the scheme is £1,051,500 pa, equating to £18 per sq ft on an overall basis.
Katie Taylor, associate director at Savills, said: “Offering good covenant strength and a prime location, this asset presented an appealing investment opportunity for our client.”
ING was represented by Savills and CBREI was represented by CBRE.
