Europa Capital and Ediston have acquired Pallion Retail Park for £18.95 million (approx. €22.82 million) , reflecting a net initial yield of 7.29%.
Pallion Retail Park comprises 129,922 ft² of retail warehouse accommodation in seven units. The property is let to a number of national retailers, including Matalan, B&M, Dunelm, Iceland and Poundstretcher. The freehold property benefits from being immediately adjacent to Pallion Tyne & Wear Metro Station. The property was sold by Scottish Widows Investment Partnership.
James Fortescue at Europa Capital said, “We are pleased to have acquired this asset which complements our growing regional portfolio. The investment provides an opportunity to improve the capital value through active asset management and extending the retail offering. This transaction demonstrates the commitment from Europa Capital to acquire further assets across the United Kingdom.”
Calum Bruce of Ediston added, “The purchase of Sunderland enhances the existing portfolio of ten assets and offers scope to further improve the Partnership’s performance. We are delighted to have the continued backing of Europa Capital and RBS in the execution of our strategy to buy well located assets with value add potential.”
Source: Europa Capital