Junction 27 sold in multi-million pound deal
ONE of Yorkshire’s premier retail parks has been sold by Henderson Global Investors to UK Commercial Property Trust for £56.63m.
Junction 27 Retail Park, off the M621 at Birstall in West Yorkshire, has key anchor tenants including Currys, Comet, Harveys, CSL, Furniture Village, Barker & Stonehouse, SCS and TGI Fridays.
The retail park totals 122,376 sq ft and has 540 car parking spaces.
The current gross annual rent at the retail park is £3.7m per year. The purchase price reflects a net initial yield of 6.15%.
DTZ advised on the purchase.
Robert Boag, manager of the UKCPT, said: “This purchase represents a significant investment which is funded by the equity raised by the Trust earlier this year.
“The latest acquisition increases the portfolio asset base and the UKCPT’s exposure to retail warehousing that offers medium to long term growth prospects.”
UKPCT said Junction 27 was one of the top five retail warehouse locations in the UK.
Mr Boag added: “More purchases will follow and this is in line with the UKCPT’s strategy of acquiring further commercial stocks that will improve income and capital prospects for the portfolio going forward.”
The UKCPT was one of the best performing UK commercial property investment trusts last year and produced an overall portfolio return of 11.3% for 2009.
The acquisition is the second significant purchase made by UKCPT in recent week, following the purchase of three shopping centres in Shrewsbury for £61m.
Earlier this year UKCPT raised approximately £150m through a stock market placing to fund new acquisitions.
