First World Hybrid Real Estate, an Isle of Man-regulated fund, has completed the acquisition of units 1A and 1B at the West Retail Park in Milngavie, just north of Glasgow.
The two units are let to Aldi and Home Bargains until June 2039 and June 2034 respectively. The Aldi rent reviews are linked to RPI.
Over the past 24 months, both supermarket and discount retail assets have been highly sought after, with investors attracted by the retailers resilient trading performances and the long leases that characterise that sector.
The purchase price of £11.7m reflects a net initial yield of 4.86%.
Lismore Real Estate Advisors and Avison Young jointly advised the purchaser, while Sheridan Keane acted for the vendor.
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