Legal & General (L&G) Property has bought Meadowhall Retail Park in Sheffield in an off-market transaction from Standard Life Investments UK Retail Park Trust for £39.5 million.
The deal, on behalf of L&G’s Managed Property Fund, equates to a yield of 6.8%.
Meadowhall Retail Park, which is located near Meadowhall Shopping Centre and a large leisure scheme, totals around 215,000 sq ft of retail space and is currently 95% let with a weighted average unexpired lease term of more than eight years.
The scheme’s anchor tenants include Aldi, B&M, the Range and Toys ‘R’ Us.
Mark Russell, senior fund manager of the Managed Property Fund, said:-
“The acquisition of Meadowhall Retail Park supports the fund’s strategy to acquire strong assets that offer quality income and further potential to add value through active asset management initiatives.”
Wilkinson Williams advised the vendor, while Savills represented LGP.
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