Tue, 29/04/2014 - 13:38
Valad Europe has acquired a 68,351 square foot retail warehouse and restaurant for GBP7,050,000 at Chalon Way West, St Helens.
Representing a net initial yield of 7.65 per cent, the purchase was made on behalf of its Valad European Diversified Fund (VEDF).
Spen Hill Developments, the wholly owned developer subsidiary of Tesco, was the vendor.
The asset comprises 63,351 sq ft of retail warehouse space let to home, leisure and garden retailer The Range on a 15 year lease, and a new 5,000 sq ft two-storey McDonalds Restaurant with drive thru on a 20 year lease. The site has more than 450 car park spaces.
Rob Howe, Valad Europe’s head of UK real estate, says: “With long-term, secure income and reversionary rent potential, Chalon Way West is a strong, high quality UK asset for the fund. This is our sixth UK acquisition since launching VEDF last year and is in line with our strategy to target retail warehouse and office assets.”
Cheetham & Mortimer acted for Valad Europe while Mark Liell acted for Spen Hill.
The Valad European Diversified Fund launched with initial equity of GBP150 million to invest and a total fund capacity of GBP375 million, employing leverage between 50 and 65 per cent. The fund invests in Core Plus / Value Add assets in the UK and Germany with individual lot sizes between GBP5 million and GBP35 million. The fund will also invest in small to medium sized portfolios.
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