PRUPIM sells in Bridgend
Published: 01 September, 2010
PRUPIM has sold the Bridgend Retail Park in South Wales to the BA Pension Fund for £18.85m. The sale reflects a net initial yield of 6.6 per cent.
The prime retail park situated next to Tesco Extra, between Bridgend town centre and Junction 35 of the M4 motorway totals 84,000 sq ft with six national occupiers including Homebase, Comet, Currys, Halfords, Bensons and SCS.
King Sturge advised PRUPIM. Morgan Williams advised BA Pension Fund.
Jonathan Perkins, investment partner at King Sturge, said: "Investors have been looking primarily for retail parks which trade well and also benefit from secure income profiles. This asset has both and as a result proved attractive to a number of institutional investors who were willing to compete for the property at prices well ahead of the asking terms of 7.25 per cent initial".
