CBRE buys high street retail portfolio for GBP38m

CB Richard Ellis Investors, the real estate investment management firm, has bought six high street retail assets for GBP37.6m.

The properties are located across the UK in Chiswick, Royston, Chester, York, Chelmsford and Truro.

The purchase of this portfolio was made by way of a phased completion, with the last transaction completing in January 2010.

The total price of GBP37,586,000 reflected a blended net initial yield of 5.3 per cent.

The portfolio consists of good quality retail properties in strong retailing centres. The portfolio has a weighted unexpired lease term of nine years and is let to strong covenants.

Michael Ness, senior director, UK managed accounts group, says: “We are extremely pleased to invest money off-market at a time when well let investments are in great demand. The retail sector offers strong income driven returns that are attractive for our portfolios.”

CBRE Investors purchased the portfolio in an off market deal from Tony Khalastchi and Flodrive Group. David Baroukh Associates and GCW acted for CBRE Investors.