Teesland Advantage Property Income Trust has acquired Trident Retail Park in Birmingham for €6.33 million (£4.57 mln.)The acquisition reflects a net initial yield of 3.38% and a net reversionary yield of 6.58%.
The 9,022 m² park comprises four retail warehouse units. Two units are let to Brantano and Hein Gericke on leases expiring in 2020 and 2021 respectively, generating an annual rent of €226,579 (£163,500). The two remaining units are vacant and comprise 5,227 m² of accommodation. Full occupancy is expected to be obtained over the next 12 months.
The company said it continues to seek further attractive opportunities, which will be financed through proceeds from anticipated future strategic disposals and additional borrowing capacity.