UK Commercial Property Trust acquires Leicester Retail Park
UK Commercial Property Trust, managed by Ignis Real Estate, is pleased to announce the purchase of St. George?s Retail Park, Leicester, from a fund managed by JP Morgan Asset Management for £49.9m.
St. George?s Retail Park is an Open A1 retail park (with food) prominently located within Leicester city centre. Extending to 165,419 sq ft and 522 car spaces, the tenants include Wickes, PC World, Currys, Comet, Aldi, Pets at Home, Next, Brantano, Toys r Us, Mothercare and KFC. The current gross annual rent receivable in respect of the property is approximately £3.1m (rents range from £16.15 - £26.66 psf). BNP Paribas Real Estate and Sanders Cartwright represented Ignis Real Estate/UK Commercial Property Trust in the transaction.
Robert Boag, Senior Investment Director at Ignis Real Estate and manager of UKCPT, commented: ?The purchase of St George?s Retail Park represents a significant investment for UKCPT and completes the investment of the £150m equity raised by the Company in February 2010. This latest acquisition increases UKCPT?s exposure to retail warehousing, which is a sector we believe will continue to offer strong returns for the Company. Although a lot of good work has been undertaken by the previous owners, we feel there are further asset management opportunities that will improve the profile of the Park and with that the rental and capital growth prospects.?