Edgerley Simpson Howe LLP

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Recent investment Transaction

Moorgarth sells Wisbech retail park for £24.5m -Jan '12

11th February 2012

Moorgarth Ventures has sold Elms Retail Park, Elm High Road, Wisbech to Aberdeen Asset Management for £24.5m.

The deal reflects a net initial yield of 5.32%.

The property comprises a 48,571 sq ft foodstore occupied by Morrisons on a new 35 year lease (with break option at year 20), along with two retail warehouses let to B&Q and B&M with 8 and 10 years unexpired lease terms respectively.

Jamie Naughton, investment partner of Edgerley Simpson Howe, which advised Moorgarth, said: “Our client has crystallised a profit on the scheme and the fact one of the main fund managers has bought it is of no surprise. With 70% of the income secured to Morrisons they are a preferred source of income at the current time for Institutions.”