Edgerley Simpson Howe LLP

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Recent investment Transaction

Rockspring on a roll with help from ESH

16th December 2010

Rockspring Property Investment Managers LLP, on behalf of the Cheshire Pension Fund, has acquired Maybrook Retail Park in Canterbury for £17.74 million, reflecting a net initial yield of 6.24% NIY. Located close to the centre of the historic cathedral city of Canterbury, the park was developed in 2007 and comprises 62,843 sq ft of retail accommodation in five terraced units and a stand alone retail pod. The park is let Marks and Spencer Simply Food, Halfords, Maplin, Dave Whelan Sports and KFC with a weighted average unexpired lease term of 17.8 years. Edgerley Simpson Howe advised Rockspring and Fletcher King advised the vendor, Downham Properties Limited. Phil Sturdy, European Director, said “the acquisition increases the Fund’s exposure to long term income with some fixed uplifts in an affluent South-east city with limited vacancy.”