Wednesday, 23 July 2014
Rockspring buys Maskew Retail Park for £37 mln as first investment for UK Value 2 (UK)
Rockspring Property Investment Managers (“Rockspring”), on behalf of UK Value 2 LP (“UK Value 2” or the “Fund”), announces that it has completed the acquisition of Maskew Retail Park from Chambers Street Properties for £37 million (approx. €47 mln), reflecting an initial yield of 6.25% per annum.
Maskew Retail Park comprises 145,000 ft² (approx. 13,471 m²) of space over three units and is currently fully leased to leading retailers Matalan, B&Q and Argos. Situated in Peterborough’s primary retail corridor, it is located 1.5 miles North West of the City Centre and in close proximity to the A15 and A47.
UK Value 2 recently held its second close bringing total equity raised to £100 million (approx. €126 mln), and is on target to meet the projected £300 million (approx. €380 mln) equity raise for its final close. The acquisition is the Fund’s first investment and provides a secure income stream with several exciting asset management opportunities, consistent with the Fund’s core plus strategy.
Rockspring is being advised on the asset by Westmount Real Estate. Stockford Staunton acted for Rockspring / Westmount, whilst Savills acted for Chambers Street, the vendors.
Richard Bains, Rockspring Partner and Fund Manager of the UK Value series, said: “Maskew Retail Park fits in perfectly with the Fund’s core plus, value-add strategy. It is a high quality, low risk retail property that will not only generate strong rental returns but offer value growth potential. We will embark on a proactive asset management strategy at Maskew Retail Park to maximize returns for UK Value 2 investors and will continue to seek out similar investments for the Fund’s portfolio.”
Source: FTI Consulting