Redkite Asset Management purchases Truro property

May 11, 2010

Redkite Asset Management on behalf of Apperley Properties, advised by Kitchen La Frenais Morgan, has acquired the freehold investment of 9 Pydar Street in Truro from CBRE Investors on behalf of the Unilever Pension Fund for £5.04 million.

The 14,195 sq ft shop on three levels is let to WH Smith on a 15 year lease from 14th August 2009 and has an annual rent of £286,500. The deal reflects a 5.37% yield.

Nick Morgan of Kitchen La Frenais Morgan says: “This is a good deal for Redkite Asset Management as the prime property is let to a solid covenant in the administrative capital of Cornwall.”

CBRE advised CBRE investors.

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