UK-based investment manager Orchard Street has acquired a 9,000 m2 retail park in the English city of Ipswich.
UK-based investment manager Orchard Street has acquired a 9,000 m2 retail park in the English city of Ipswich.
Suffolk Retail Park has been acquired for £18.75 mln (€22.2 mln) from clients of Aberdeen Asset Management. The purchase was made on behalf of UK wealth manager St James Place Wealth Management.
The purchase price reflects a net initial yield of 7.1%. The site generates a total annual passing rent of £1.4 mln (€1.7 mln) and has Open A1 planning consent with the option for food retail on the majority of the site.
Morgan Williams advised Orchard Street on the transaction. CBRE advised Aberdeen Asset Management.
