Columbia Threadneedle Investments has bought Roundswell Retail Park in Barnstaple, Devon, from Canada Life Asset Management.
The investor is understood to have paid more than the £14.5m asking price for the 73,579 sq ft retail park. The asking price reflects a yield of 6.73%.
The park comprises five stores let to Aldi, Dunelm, Carpetright, TJ Morris, Sports Direct, McDonald’s and Costa and provides an annual income of £1m.
The weighted annual unexpired lease term across the park is 8.4 years to expiry.
Canada Life had owned the property for more than decades.
Columbia Threadneedle has been upping its investment into retail parks this year. In May, it splashed around £60m on phases two and three of Merry Hill Retail Park in Brierley Hill and Phoenix Retail Park in Corby on behalf of separate client funds.
FMX Urban Property Advisory acted for Columbia Threadneedle; TW Keil acted for Canada Life.
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