TIAA Henderson Real Estate (TH Real Estate) has acquired Market Place - a well let retail parade in Romford, Greater London, for approx. £12.3 million (approx. €15.5 million), representing a net initial yield of 7.0%.
The asset was acquired on behalf of a private fund for Middle Eastern clients, from Development Securities.
The purchase is in line with the fund strategy to maintain a long average weighted unexpired lease-term, with the majority of the income secured to strong tenants including Aldi Stores Ltd, Iceland Foods Ltd, Boot UK Ltd and TJ Morris Ltd (13.6 years average).
Source: TIAA Henderson