A large retail park in Greater Manchester has been sold by Peel L&P in a £33m deal.
Trafford Retail Park has been acquired by UK Commercial Property REIT (UKCM), with the firm confident for the site's future given that it's occupied by discount and convenience retailers, which have proven "resilient" during the past 18 months.
UKCM, which is managed and advised by Aberdeen Standard Investments, announced the news on Tuesday afternoon.
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The 12-acre park comprises around 143,000sq ft of retail warehouse accommodation across 14 units ranging in size from 2,000 to 35,000sq ft.
Kerri Hunter, fund manager at UKCM, said: "This deal presents us with an opportunity to strengthen our portfolio and enhance income through the acquisition of a well-located retail park with a high quality tenant base and impressive footfall in one of the UK's premier shopping and leisure destinations.
"While some parts of the retail sector have struggled in recent years, Trafford Retail Park is primarily let to discount focused and convenience led retailers, which have proven resilient and continue to perform well.
"As a diversified REIT, we benefit from the ability to look for assets across a range of sectors that offer accretive returns, enabling us to deliver value and income to our investors."
The park is currently 100% let to tenants including Dunelm, B&M, TK Maxx and Home Bargains. It also provides a food and beverage offering that includes Nando's, Pizza Hut, McDonalds, and the recently completed Five Guys letting.
Located in the heart of TRAFFORDCITY, it delivers an annual income of around £2.5m a year, attracting 2.5m visitors a year.
