Invesco Real Estate has bought Apsley Mill, a UK retail warehouse park in Hemel Hempstead, north west London, from Goodman for £29.32m.
The fund manager completed the deal on behalf of an undisclosed major US pension fund client. The price paid reflected an initial yield of 6.25%.
The 97,000 sq ft retail park comprises five large box units and is occupied by Homebase, Argos, Currys, CarpetRight and Comet.
Invesco, which already manages a $500m (£250m) US property portfolio for the pension fund, is currently seeking to invest up to £250m in the UK and Europe for its client.
But Andy Rofe, managing director of Invesco said that, in theory, there was an ‘unlimited amount of cash to spend’.
