UKCPT buys Leicester retail park
Published: 15 February, 2011
UK Commercial Property Trust has bought the St George’s retail park, Leicester, from a fund managed by JP Morgan Asset Management for £49.9m
St George’s retail park is an Open A1 retail park (with food) prominently located within Leicester city centre. Extending to 165,419 sq ft and 522 car spaces, the tenants include Wickes, PC World, Currys, Comet, Aldi, Pets at Home, Next, Brantano, Toys r Us, Mothercare and KFC.
The current gross annual rent receivable is £3.1m pa and rents range from £16.15 to £26.66 per sq ft.
UKCPT chairman Christopher Hill said: “The St. George’s retail park is an excellent site with a very high quality tenant profile, providing an attractive yield of over six per cent on our investment. It also offers significant potential to build the rental income through a programme of proactive asset management. The UKCPT team at Ignis Real Estate has a strong track record in the management of retail property throughout the portfolio, and I am confident that our experienced asset management team will create value through this transaction.”
UKCPT, the UK’s largest property investment trust, is managed by Ignis Real Estate. BNP Paribas Real Estate and Sanders Cartwright represented Ignis Real Estate/UK Commercial Property Trust.
