Retail park acquired by property investment firm for £37.5m

A retail park in Wakefield has been acquired in a deal worth £37.5m.

Beck Retail Park is anchored by a 66,000 sq ft Sainsbury’s store, which is let  on an unexpired lease term of 19 years and accounts for just under 50% of the income.

Other tenants at the park include B&M Bargains, Home Bargains, Matalan and The Range.

Property investment firm Palmer Capital purchased Beck Retail Park from Aberdeen Standard, on behalf of a Middle Eastern investor.

This deal is the first major retail park deal for Palmer Capital since Canadian asset management firm Fiera Capital Corporation acquired an 80% controlling interest in the firm.

Charles Allen, Palmer Capital acquisitions director Charles Allen said the retail park was a “perfect match” for the client’s income requirement.

Allen added: “The long unexpired Sainsbury’s lease duration, combined with a strong complementary retail mix, trading off recently rebased rental levels, creates the ideal backdrop for generating sustainable and progressive income returns.”

Palmer Capital was advised by Montagu Evans and Savills represented Aberdeen Standard.