Legal & General Property (LGP), on behalf of its Property Unit Trust, has purchased Alphington Road Retail Park in Exeter from DTZ Investment Management for GBP13.8 million.
The freehold acquisition reflects a net initial yield of 7.47%.
The 59,587 sq ft retail warehouse scheme comprises three purpose-built units which are currently occupied by B&Q, Aldi and Iceland, and offer a weighted average unexpired lease term of 9.75 years. Located within close proximity to the City centre, on an arterial road that links to the A30, the B&Q store is the only DIY serving the central and southern areas of Exeter.
Matt Jarvis, Fund Manager to the Property Unit Trust at Legal & General Property, says: “Currently undersupplied by retail warehousing space, Exeter is a good quality City with a wealthy catchment area. Ideally located close to the centre, the park is let to strong covenants and trades extremely well. We consider this high yielding, index linked asset a good match for our growing property portfolio.”