Universities Superannuation Scheme (USS) has bought Marsh Mills retail park in Plymouth from Aviva Investors for £27.5m.
The price paid reflects a yield of 9.5%, on settlement of the outstanding rent reviews.
Marsh Mills is Plymouth’s largest out of town retail park with tenants including Homebase, Furniture Village, Halfords, CarpetRight, PC World and DFS.
It is located approximately 2 miles to the east of Plymouth city centre close to a large Sainsbury's supermarket.
Aviva Investors was represented by CWM and Montagu Evans. USS was represented by Morgan Williams in the sale.
Jones Lang LaSalle provides investment advisory for USS’ retail portfolio.