DevSec acquires Burnley retail park

Property investor and developer Development Securities has acquired Anchor Retail Park in Burnley as part of a £23.3m deal.

Development Securities said it has acquired a portfolio of 14 properties from PricewaterhouseCoopers, which are acting as administrators on behalf of Lloyds Banking Group.

Matthew Weiner, from Development Securities, said: "There are a couple in the North West including Anchor Retail Park in Burnley, which is adjacent to Prestige Retail Park, and the Walkabout pub in Deansgate, Manchester."

Development Securities said the portfolio includes a range of assets including both commercial and residential investment and development opportunities of which half are currently income producing. The combined net initial yield on the portfolio is 5.86%.
The acquisition is funded by equity from Development Securities' existing cash resources following its recent successful capital issues together with three year term bank debt provided by Lloyds Banking Group.

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