It is currently fully let to national retailers including Wickes, Halfords and KFC with a WAULT of circa 10 years, and also has 430 car parking spaces.
Hannah Marshall, fund manager of the CBRE UKPP, said: “It is key that we continue to recycle assets to ensure our portfolio is of the highest quality. In line with our strategy, we continue to invest capital in quality asset and creating value for our investors.
"As an asset based in a non-core location, it allows us to focus more on acquiring core properties which aligns with our portfolio strategy.”
The disposal reduces the portfolio’s large weighting towards retail warehousing and allows for selective purchases particularly in the industrial and alternatives sectors.
As of December 2016, it was the seventh largest asset within the portfolio, making up 2.2% of the capital value and 3% of the portfolio income.
CBRE Global Investors was advised by Cushman and Wakefield. Cortex Partners acted for Columbia Threadneedle Investments.
The UK Property PAIF was launched in December 2016 following the merger of two of CBRE Global Investors’ funds – UK Property Fund and the ESPS UK property portfolio. The merger created the £1.5 billion fund and positioned the fund in the top ten of the UK pooled property funds.
Source: CoStar
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