F&C REIT Asset Management has exchanged on retail warehouses in Ipswich and Luton, both let to Homebase, for a combined £18 million (approx. 19.9 mln.). The two retail warehousing units, let to the UK's second largest home improvement retailer, amount to a combined 6,889 m² of space. The retail warehousing unit in Luton, Enterprise Way, was exchanged for £8 million at a yield of 6.75%. The property consists of 3,749 m² and includes 251 car parking spaces. Homebase has a ten year lease at £570,000 per annum, or just over £14 per ft².
Ian McBryde, Director, Property Funds at F&C REIT, said of the acquisitions: "The deal shows that in this market good quality stock with long-term prospects can be bought at an economical price. The two retail warehouses represent a solid investment with a competitive yield and with an established, successful brand that we are continuing to grow our already strong relationship with."
CWM acted for F&C REIT Asset Management.
Source: The PR Office