Friday, 27 March 2015
Rockspring buys Euro Retail Park in Ipswich for €65 mln (UK)
Rockspring Property Investment Managers announces that it has acquired Euro Retail Park, in Ipswich from Helix Property Advisors for £47.5 mln (approx. €65 mln) reflecting a net initial yield of 7%. The purchase was made on behalf of a separate account mandate.
The 19,559 m² retail warehouse park is located south east of the town center in Ipswich’s established prime retail warehouse location, opposite a John Lewis at home, Waitrose and Futura Retail Park. Tenants at Euro Retail Park include B&Q, B&M, Sports Direct, Halfords, Dreams, ScS, Wren Kitchens, Harveys, Carpetright, Pizza Hut and Burger King, with a weighted average unexpired lease term of 10.5 years.
Phil Sturdy, European Director at Rockspring said: “Euro Retail Park fits perfectly with this Fund’s core-plus, value-add strategy. It is a high quality, low risk retail park that will not only generate strong income returns but offers value growth potential through a pro-active asset management strategy.”