has acquired a supermarket in Plymouth for 拢22.5m (鈧�26.6m), adding the asset to an existing UK Custom Account client portfolio.
The asset, located on a six-acre site on Outland Road, comprises approximately 62,000sqft and is fully let to Morrisons supermarket chain with 21 years remaining on a lease featuring CPI-linked rent reviews.
John Longworth, portfolio manager, UK custom accounts at LaSalle, said: 鈥淭his acquisition adds long-term, inflation-linked income to our client鈥檚 portfolio at an attractive yield, whilst also being underpinned by a high-quality asset, dominant in its catchment and with strong underlying retailer trade.
鈥淲e continue to see compelling opportunities in the grocery sector, where established assets benefit from resilient consumer demand, limited new supply and strong trading fundamentals.鈥�
Chris House, senior transactions manager at LaSalle, said: 鈥淚n a highly competitive market, sourcing high-quality grocery assets that combine secure income with attractive entry pricing is increasingly challenging.
鈥淧lymouth鈥檚 resilient economic outlook, combined with the store鈥檚 extensive catchment, makes this supermarket a particularly compelling addition to our client鈥檚 portfolio.鈥�
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