Congleton Retail park sold for £16.3m

LONDON fund manager Lothbury Investment Manager has acquired Congleton Retail Park for £16.3m.

It has been sold by LondonMetric Property which said the deal represented a net initial yield of 5.85%. It bought it two years ago for £14.9m.

The 64,500 sq ft park is let to the likes of M&S Simply Food, Laura Ashley, Carphone Warehouse and Boots.

LondonMetric chief executive Andrew Jones said: “Congleton has benefited from several value accretive asset management initiatives during our ownership, and we have attracted some high quality retailers, which has improved the rent roll by over 5% a year.”