Knight Frank Investors Buys Retail Park In Bury St Edmunds From Standard Life Investments

August 27, 2012

Lancashire County Council Pension Fund, managed by Knight Frank Investors has bought the freehold interest in the St Edmundsbury Retail Park in Bury St Edmunds from Standard Life Investments. The purchase price of £18,665,000 reflects a net initial yield of 6.89%.

The scheme is the dominant retail park in Bury St Edmunds, located adjacent to Sainsbury’s, and comprises approximately 97,600 sq ft let to Homebase, Dunelm, Pets at Home, Carpetright and Dreams. Lease expiries range from 2014 to 2026 and rental levels are between £10 – £20 per sq ft.

The investment is one of the few traded in recent times that generated competitive bidding from the main institutional market.

Knight Frank Investors were advised by Montagu Evans.

Standard Life Investments were advised by Edgerley Simpson Howe LLP.

 – ends –

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