KLM Real Estate have completed on the following deal.
• What Greenridge Investment Management has bought the Waitrose & John Lewis at Home on Futura Retail Park in Ipswich for £21.9m
• Why The 71,235 sq ft asset has an 14 year lease and reflects an 8.1% net yield
• What next Cushman & Wakefield acted on behalf of the vendor, with KLM Real Estate acting for Greenridge Greenridge
Investment Management has acquired the Waitrose & John Lewis at Home on Futura Retail Park in Ipswich for £21.9m, reflecting a net initial yield (NIY) of 8.1%.
The deal marks the third acquisition for the investment manager’s Greenridge Opportunities (GO) Fund, which made its first close in October 2023 at £150m.
Developed in 2012, the property comprises a purpose-built, modern food store and retail warehouse extending to a total of 71,235 sq ft, with 14.1 years remaining on the lease.
The unit is occupied by John Lewis Properties on a long lease until November 2037. It benefits from five-yearly fixed rental uplifts at 3% per annum compound, with the next review scheduled for November 2027. The store boasts excellent ESG credentials and an EPC B rating.
The prime East Anglian property was bought from an institutional fund client of Cushman & Wakefield, who represented the vendor, with KLM Real Estate acting for Greenridge.
Bik Bhuptani, co-founder of Greenridge Investment Management, added: “This acquisition further strengthens the Greenridge GO Fund’s portfolio, providing stable income and significant growth potential. We look forward to continuing our success with similar strategic investments.”
For more information, please contact Jonathan Perkins or William Andrews.
From https://greenstreetnews.com/article/greenridge-strikes-deal-for-22m-ipswich-retail-hub/
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