East Kilbride Retail Park has been sold for £12.25 million by Aberdeen Standard Investments to a London based asset management group.
The retail park was sold to Corum Asset Management in a deal representing a net initial yield of 10.49%.
The 59,404 square feet site is part of a large retail warehouse cluster near the Lanarkshire town's Kingsgate Retail Park, with the current tenant line up including The Range, Pets at Home, Currys PC World and Halfords.
Corum Asset Management was represented by Knight Frank, while Cushman & Wakefield acted for Aberdeen Standard Investments.
Rhu Wishart, surveyor at Knight Frank Edinburgh, said: “The deal for East Kilbride Retail Park shows there is still an appetite for well-located retail warehouse assets, despite the challenges posed by online shopping. It also underlines investors’ desire for long-term income supported by strong covenants while macro-economic conditions remain uncertain.
