Mountgrange Chairman Martin Myers said the purchase was the first of many. 'We continue to investigate further investment opportunities for the business,' he said
Mountgrange has bought the 360,0000-sf park for £66.75 million ($97 million) from Aberdeen Property Investors, which managed the property on behalf of the Regent Retail Parks Partnership. The park is unusual in that it combines a high street scheme, including a Debenhams department store, with a conventional retail park. The passing rent is close to £4.75 million ($6.9 million) per annum showing an initial yield of about 6.75%.Immediate rent reviews should bring the yield close to 8%.
Simon Winslow, Special Projects Director of Aberdeen Property Investors, said: 'The sale of St Mark's to Mountgrange will permit us to look at potential acquisitions to provide the Regent portfolio with greater diversity.'
Thurleigh Estates introduced the property and will retain a management and financial interest. Aberdeen Property Investors was advised by FPDSavills and Brian Oakwell acted for Mountgrange.
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