Avison Young have acted for the vendor, Ares Management, in the sale of the Castle Vale Retail Park in Erdington, Birmingham.
The property has been sold to Realty REIT for £63 million.
The property provides 182,000 sq ft of retail accommodation and is anchored by an 80,000 sq ft Sainsbury’s foodstore, with other occupiers including B&M, Smyths Toys, Currys, TK Maxx and ScS.
The purchase price reflects a net initial yield of approximately 6.50%.
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