Capital & Regional plc, the co-investing property asset manager, has announced that The Junction has purchased the Kittybrewster Retail Park in Aberdeen from Legal & General for Â£52.62 million, showing an initial yield of 4.73% and an equivalent yield of 5.75%.
Tenants on the park, which has unrestricted Class I (non-food) planning permission, include DFS, Currys, Comet, Halfords, Carpetright, TKMaxx and Office World. The park totals 140,824 sq ft and has achieved a top rent of Â£22.50 psf.
Andrew Lewis-Pratt, Chief Executive of The Junction comments, âThe purchase of Kittybrewster Retail Park is a significant addition to our 3.2 million sq ft prime retail park portfolio. The purchase reflects our ongoing strategy to enlarge our Junction portfolio by investing in destination retail parks with high development and asset management potential, particularly those dominant within their catchments.â
Stockford Staunton and Eric Young & Co acted for Legal & General, with Jones Lang LaSalle acting for The Junction.
Source: Capital & Regional