L&G acquires St James Retail Park in Dumbarton for GBP45.75m
Legal & General Property, on behalf of its UK Property Unit Trust (PUT), has acquired St James Retail Park in Dumbarton from British Land for GBP45.75 million, reflecting a net initial yield of 5.9 per cent.
Representing the only significant out of town retail in Dumbarton, the property comprises a dominant multi-let retail warehouse scheme totalling 169,293 sq ft and anchored by a large Asda supermarket.
Located approximately 13 miles north-west of Glasgow, Dumbarton is the principal town within the district of Dunbartonshire and the administrative headquarters of the local government.
Bringing the PUT’s investment in the market to over GBP100 million since the start of the year, launched in 2006 the fund has grown from GBP100 million to over GBP1.3 billion since inception.
The fund has outperformed the Lipper Property IMA Sector peers over one, three, and five years, with one per cent per annum outperformance over the five years to January 2014.
Matt Jarvis, fund manager of the PUT at Legal & General Property, says: "The asset is a good example of what the fund has been looking for in the retail warehouse sector. Dominating the town's retail offer, it is let off affordable rents to a strong and diverse tenant line-up, including ASDA, M&S Simply Food, Homebase and Frankie & Benny's, and offers additional asset management opportunities to drive future growth prospects."
CBRE advised British Land, and Strutt and Parker represented LGP.
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