Lord Kirkham, founder of furniture chain DFS, has agreed to buy Hercules Unit Trust’s Cortonwood retail park for around £40m.

Lord Kirkham’s property company is thought to have exchanged on the purchase to buy Cortonwood Retail Park in South Yorkshire for £42m, reflecting a 7.7% yield.

Hercules Unit Trust is thought to have exchanged on two deals this week and has a further two under offer.

For further details see Property Week tomorrow.

Once all the deals complete the Schroders-managed retail warehouse fund advised by British Land, will be able to pay down some of its debt and reduce its gearing.

All parties declined to comment. It is thought Wilkinson Williams advised Hercules.