RPMI Railpen, the investment manager for the £30bn railways pension scheme, has acquired Cambridge Retail Park for c.£100 million, representing a yield of 6.0%.
The 18.6 acre / 230,000 sq ft park adjoins Railpen’s existing Beehive Shopping Park and is let to attractive tenants including Currys/PC World, Boots, Halfords, Sofology, Furniture Village, Homebase and Lidl, with an average rent of £28 psf.
Matthew Howard, Head of Property Asset Management at RPMI Railpen, commented: “Cambridge is a world-class city which, in addition to its reputable university environment and offering, has been identified by Railpen as a hub for future growth opportunities based on its innovation and prospering economy. It’s fantastic to bring Cambridge Retail Park into our portfolio and continue our focused investment in the city. In turn, this enables us to work towards enhancing the future of Cambridge, while also further stabilising and securing returns for Railpen’s members.”