Lismore Real Estate Advisors has bought two Scottish retail parks for around £21m on behalf of a US investor.
The investment is the first acquisition in Scotland by the investor. The combined acquisition price reflects a net initial yield of close to 6.10%.
The property advisory firm purchased Renfrew Road Retail Park in Paisley and Livingston Retail Park on behalf of the unnamed client.
Renfrew Road Retail Park is a recently developed retail warehouse and food storage totalling 60,000 sq ft.
The units are let to Marks & Spencer (Simply Food) and The Range, with a weighted average unexpired lease term (WAULT) of 17 years to expiry and 15 years to break.
Livingston Retail Park was developed in 2017 and comprises two retail warehousing units totalling 43,000 sq ft. The units are leased to B&M and Dunelm, with a WAULT of 11 years.
Both parks have planning consent for more shopping units if the investor wants to build more.
Lismore advised the purchaser, while Sheridan Property advised the seller and acted jointly with Knight Frank on the sale of Renfrew Retail Park.
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