Valad Europe has acquired a 68,351 sq ft St Helens retail warehouse and restaurant from Spen Hill Developments for £7m, representing a yield of 7.65%.
The scheme on Chanlon Way West is let to The Range and McDonalds. Valad Europe has acquired the site on behalf of its Valad Europe Diversified Fund. Spen Hill Developments is the development subsidiary of Tesco.
The site comprises a 63,351 sq ft retail warehouse let to retailer The Range on a 15-year lease and a 5,000 sq ft two-storey property with drive-thru let to McDonalds on a 20-year lease.
Rob Howe, Valad Europe's head of UK real estate, said: "With long-term, secure income and reversionary rent potential, Chalon Way West is a strong, high quality UK asset for the Fund.
"This is our sixth UK acquisition since launching Valad Europe Diversified last year and is in line with our strategy to target retail warehouse and office assets."
Cheetham & Mortimer acted for Valad Europe while Mark Liell acted for Spen Hill.