Prime retail park acquisition in Acton
DTZ Investors, acting on behalf of a UK Pension Fund, has bought the freehold interest of West Five Centre, Acton for £40m, reflecting a net initial yield of 4.80%.
The property extends to 73,672 sq ft, is fully let to B&Q and Staples, and provides a long WAULT of 8.8 years to lease expiries (7.9 years to lease breaks).
DTZ Investors commented: “The acquisition represents the Fund’s commitment to acquiring high quality real estate in a sector that has constrained supply, supporting rental growth going forward. Strategically, it complements our existing holdings in this prime Greater London location.”
DTZ Investors was advised by Morgan Williams; M&G was advised by CWM.’