ING Real Estate Investment Management has sold Central Retail Park, Manchester Road, Bolton to a joint venture between Riddell TPS and PJKI for £14.15m reflecting a net initial yield of 6.53%.
The park covers 87,589 sq ft arranged over two terraces and is fully let with seven tenants including Focus, Pets-at-Home, Maplin, Carpteright and Bratano.
ING REIM managed the asset on behalf of the General Motors Pension Fund and had carried out a number of improvements; re-cladding, re-branding and improving access.
Philip Bach, fund manager at ING REIM, commented: "This sale is a good result for the fund in what is a difficult market. Following the completion of all identified asset management initiatives, which have been carried out over the last five years, the sale is in line with the fund's strategy to reduce its weighting to retail warehousing and we are very pleased to have sold at valuation."
Strutt & Parker advised the purchaser.