Indian developer builds UK portfolio with IKEA-let warehouse acquisition

House of Hiranandani IKEA Wellington Circle

Pears Property has sold a retail warehouse in Aberdeen to Indian developer House of Hiranandani for £22.5m.

Wellington Circle is an 111,988 sq ft retail warehouse fully let to IKEA, Booker, Pure Gym and Starbucks, generating £1.4m pa with a weighted average unexpired lease term in excess of 13 years. The acquisition price represents a net initial yield of 6.01%.

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