Property investment manager acquires £5.7m retail asset
REAL ESTATE investment manager Valad Europe has acquired a Castleford retail and car park on behalf of its European Diversified Fund (VEDF).
The 39,794 sq ft site is occupied by homeware retailer Wilko, with the car park let to Euro Car Parks, producing an annual rental income of over £460,000.
The Castleford high street site provides 290 parking spaces and the acquisition represents a net initial yield of 7.75%.
Simon Marriott, Valad Europe’s head of UK Real Estate, commented: “We have now purchased 17 UK assets for VEDF. This asset was selected because of its highly visible central location, the attractive long-term leases and reversionary rent potential.”
Cheetham and Mortimer acted for Valad Europe and Mason & Partners represented the vendor.
The Valad European Diversified Fund is an £800m fund with assets in Germany and France as well as the UK, worth between £5m and £50m.
Valad Europe manages €5.3 billion of real estate assets and investment capacity across its 24 funds and mandates in Europe, comprising in excess of 400 assets and approximately 4,200 tenants, managed by local teams totalling 180 people in 22 offices and 13 European countries.
