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Recent investment Transaction

Aviva buys Cambridge Close Retail Park for £60Million

22nd April 2010

The Junction, the retail park fund managed by Capital & Regional and Area Property Partners, last week completed the £60.4 million sale of Cambridge Close Retail Park to Aviva Life & Pension UK at a net initial yield of 6.04%.

The Park is the dominant scheme in the area and comprises circa 18,605 sq m (200,000 sq ft) of wide bulky goods consented space.  Tenants include Comet, Argos, Sportsworld, Paul Simon, Wickes, Dreams, Carpetright, Carphone Warehouse, Subway and KFC.  The leases expire between 2017 and 2030 and the passing rents range from £18.10 psf to £26.30 psf on the retail warehouse units.

David Cooke of ESH comments "This was an excellent opportunity to buy an edge of town centre scheme in a strong south east town which offers an attractive running yield along with asset management potential."

Edgerley Simpson Howe represented Aviva Life & Pension UK.