BMO Real Estate Partners’s F&C UK Property Fund has acquired Ringwood Road Retail Park in Bournemouth from Aberdeen Asset Management for €17.3m (£15.5m), reflecting a net initial yield of 5.78%.
The 55,497 ft² Retail Park has an open A1 non-food planning permission and is fully let, occupied by Argos, Sports Direct, Home Bargains and TK Maxx. The passing rents average €19.3 (£17.24)per ft² with a WAULT of 7.15 years. The property comprises a purpose built terrace of four retail warehouse units on a rectangular site bounded by Ringwood Road and Dominion Road.
Guy Glover, manager of the F&C UK Property Fund, commented: “The Ringwood Road Retail Park is the fund's first asset of this type and increases its weighting to an attractive segment of the retail sector. As an established shopping location benefiting from strong covenants, the park provides an income return which we feel can be enhanced over the longer term through active asset management. We continue to look at new properties to expand the fund further over the coming months.”
CWM Out of Town advised BMO Real Estate Partners and Harvey Spack Field represented Aberdeen Asset Management.
