Lumina Real Estate Capital has bought Reading Link Retail Park, Reading from PRUPIM for £13.2m reflecting a net initial yield of 8.1%. The 68,500 sq ft property is let to Matalan, Home Bargains, Magnet and Harveys for an average unexpired term of just over 10 years.
Jonathan Perkins, Director Out of Town Retail and Leisure Jones Lang LaSalle said: “Retail parks have shown resilience over the economic downturn and during the continuing evolvement of the UK retail market. We anticipate that such assets, which are well located with secure income profiles and strong tenant mix, will continue to attract the interest of retailers and investors alike.”
Jones Lang LaSalle acted for Lumina Real Estate Capital, Cushman & Wakefield advised PRUPIM.
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