Rockspring Property Investment Managers, who are being advised on the asset by Westmount Real Estate, have acquired Maskew Retail Park from Chambers Street Properties for £37m, reflecting an initial yield of 6.25%.
Maskew Retail Park in Peterborough comprises 145,000 sq ft of space over three units and is currently fully leased to leading retailers Matalan, B&Q and Argos. The acquisition of the park is the first investment for Rockspring’s UK Value 2 fund, which recently held its second close bringing total equity raised to £100m, and is on target to meet the projected £300m equity raise for its final close.
Richard Bains at Rockspring, said: “Maskew Retail Park fits in perfectly with the fund’s core plus, value-add strategy. It is a high quality, low risk retail property that will not only generate strong rental returns but offer value growth potential.