Valad Europe spends £4.1m on retail warehouse

VALAD Europe has acquired a retail warehouse in Aintree, Liverpool, for £4.1m, reflecting a net initial yield of 8.69%.

Let to DIY chain Wickes the 26,242 sq ft retail warehouse is opposite the Aintree Racecourse Retail Park, in Ormskirk Road.

Rob Howe, Valad Europe’s head of UK real estate, said: “The Wickes retail warehouse is a high quality asset and an excellent addition to our UK portfolio.

“We are currently looking to take advantage of opportunities arising in the UK market to purchase good value, high quality, and leasable assets with strong covenants and limited leasing risk.”

Cheetham & Mortimer advised Valad Europe on the acquisition. Valad has offices in London, Leeds, Edinburgh and Scarborough and manages £1.2bn of investment assets and more than £250m of development projects in the UK.

The identity of the vendor was not disclosed.