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LODON-Isis Property has invested pounds 32 million ($53 million) in a forward funding agreement with Henry Boot Developments on the Nova Scotia retail park in Blackburn. The purchase price reflects a net initial yield of 6.5%.

The 136,150-sf retail park will be anchored by B&Q, which has taken 100,000 sf on a 25-year lease at £13.50 ($22.50) per sf. The remaining 36,150 sf is arranged in three units, and all are currently under offer to national retailers.

Deepan Khiroya Head of Out of Town Retail for Isis Property said: “Out of town retail parks of this size are a rarity–and with the strong tenant line up, bulky goods consent and yield in line with the fund’s profile, this acquisition is a valuable addition to our retail warehouse portfolio.”

Isis Property, advised by FPD Savills, acted for Royal & SunAlliance Life & Pensions, while GVA Grimley acted for Henry Boot Developments.

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