(Alliance News) - UK Commercial Property REIT Ltd on Tuesday said it has purchased Trafford Retail Park from Peel L&P. The midcap property investor - managed by Aberdeen Standard Investments - said it paid GBP33 million for the property, which includes 143,000 square feet of retail warehouse accommodation Fund Manager Kerri Hunter said: "This deal presents us with an opportunity to strengthen our portfolio and enhance income through the acquisition of a well-located retail park with a high quality tenant base and impressive footfall in one of the UK's premier shopping and leisure destinations.
While some parts of the retail sector have struggled in recent years, Trafford Retail Park is primarily let to discount focused and convenience led retailers, which have proven resilient and continue to perform well." The company said the retail park is currently 100% let to tenants including discount retailers Dunelm, B&M, TK Maxx and Home Bargains. According to UK Commercial Property, the property delivers income worth GBP2.5 million per year with rents averaging GBP17.17 per square food across its units.
The park is located at the centre of the TraffordCity development, near Manchester. It offers high levels of traffic and footfall, the company noted, attracting 2.5 million visitors each year. Shares in UK Commercial Property REIT were trading down 0.4% at 75.98 pence each in London on Tuesday morning.
By Scarlett Butler; [email protected]
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