Goodman Property Investors has bought an £80.5m retail park in Greater London.
Goodman bought the park, Tower Retail Park in Crayford, through its Goodman UK Retail Parks Trust, formerly the Regent Retail Parks Trust, as revealed in Property Week (14.12.07).
The purchase price reflects an equivalent yield of 5%. The deal brings in RREEF, which sold the park, as a new investor in the Goodman UK Retail Parks Trust. Goodman’s payment is part cash (£48.26m) and part issue of new units in the fund (£32.24m).
Tower Retail Park, which is located within the M25, has A1 consent and current occupiers include Next, Boots and Currys.
John O’Connor, managing director of Goodman Property Investors, said: ‘This is an excellent investment opportunity as Tower Retail Park is in a prime location with immediate and long term asset management potential.
‘The Goodman UK Retail Parks Trust performed exceptionally well in 2007 and we are keen to continue to grow it both in terms of size and number of investors. We are considering opportunities for similar structured deals to this one as well as opening the Trust up to new external equity.’
Goodman Property Investors were advised by Morgan Williams, while RREEF were advised by Cushman and Wakefield. The cash element of the purchase was sourced from a new loan facility with the Danish bank, Nykredit.