First Property Group has taken a consortium including the University of Cambridge and a family office into the Polish retail sector.
The AIM-listed fund manager said it has bought a new shopping centre in 艢winouj艣cie for 鈧�24.08m.
The investment was part funded by a bank loan of 鈧�17.5m.
First Property is investing 鈧�2m, with the remaining equity coming from a family office, a University of Cambridge college and other clients of the firm.
The centre has a weighted-average unexpired lease term of 4.5 years. Annual net operating income from the property is 鈧�1.89m, equating to a net 7.85% yield.
Ben Habib, group chief executive, said the asset is 鈥渨ell located, well designed and well let at rent levels that offer room for growth鈥�.
The investment is forecast to earn an annual pre-tax profit of 鈧�1.25m, generating a pre-tax rate of return on equity invested of 17.65%.
