UK Commercial Property REIT (UKCM) has bought a 143,000sqft UK retail warehouse park from Peel L&P for GBP33m (EUR38.7m). The London-listed UK commercial property firm, managed and advised by Aberdeen Standard Investments, said it has acquired the fully-let Trafford Retail Park, near Manchester. Constructed in 1999, the 12-acre retail park comprises fourteen retail warehouse units.
Trafford Retail Park is well located in the heart of Traffordcity, one of the UK's leading retail and leisure destinations, and benefits from high traffic and footfall, attracting 2.5 visitors per year. Kerri Hunter, fund manager at UKCM, 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." Hunter said 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.
"As a diversified real estate investment trust, we benefit from the ability to look for assets across a range of sectors that offer accretive returns, enabling us to deliver value and income to our investors."
To read the digital edition of the latest IPE Real Assets magazine click here.