Palmer Capital has invested in a regional UK retail warehouse on behalf of a Middle Eastern investor.
The property in Peterborough was bought for Β£86.4m (β¬99.5m), reflecting a net 5.8% initial yield.
The 736,708sqft asset is fully let to UK retailer Debenhams, with 12 years remaining on the propertyβs lease.
Palmer Capital said it bought the asset for an investor from a country within the Gulf Cooperation Council (GCC).
Charles Allen, acquisitions director at Palmer Capital, said: βThis asset is a perfect match for our GCC clientβs income requirement and demonstrates their ongoing commitment to the UK.
βThe larger lot size and fixed annual rental uplifts made the deal work for our clientβs requirement.β
The deal is Palmerβs final acquisition for the fund, Allen said.
βWe already seeking other similar transactions to build a new fund during the remainder of 2017,β he said.
