CB Richard Ellis Investors, the global real estate investment management firm, announced today the purchase of a B&Q Retail Warehouse on Muller Road, Bristol for £8.2 million (approx. 9.4 mln.).
The purchase of this 40,000 ft² (approx. 3,700 m²) retail warehouse from IVG Institutional Funds represents a net initial yield of 6.4%. The property has 12 years unexpired on the lease and benefits from an Open A1 (non-food) consent. The current rent of £557,200 per annum reflects a rate of £13.50 per ft².
CBRE Investors purchased the property in an off-market deal from IVG Institutional Funds. Green & Partners acted for CBRE Investors, and CBRE acted for the vendors.
This transaction brings the total number of purchases throughout the UK across the UK Managed Accounts in the first quarter to 25 with a total value of approximately £80 million.
Commenting today, Michael Ness, Senior Director, UK Managed Accounts said: 'We are delighted with this addition to one of our Managed Accounts portfolios. The combination of sector, lease length and yield matched our requirements for this fund. The acquisition also reflects a successful first quarter for CBRE Investors with a number of high-quality assets added to the Group's portfolios.'