Invista funds Guildford retail development
Published: 17 May, 2010
Invista Real Estate Investment Management has agreed to forward fund a retail warehouse development in Guildford, which Travis Perkins is developing with a new Wickes store.
The 33,000-sq ft development has been acquired from Travis Perkins Properties for £18m, representing a net initial yield of 5.65%. Situated at the junction of Woodbridge Road and Ladymead, it is located in a prime area of Guildford, one of the strongest retail markets in the south east.
Due for completion in December 2011, Wickes will occupy the home improvement store on a 25-year lease with RPI linked rent reviews.
Rob O’Hara, Head of Group Funds at Invista, said: “This is an exceptional forward funding opportunity and we are very pleased to be working closely with a specialist partner such as Travis Perkins on its delivery. We believe it is a great investment, offering our client a guaranteed income stream and long-term value. Guildford is one of the strongest retail warehouse markets in the country and Wickes, one the leading DIY operators, offers a solid covenant.”
CBRE acted on behalf of Invista and King Sturge represented Travis Perkins.
