Real Estate has invested 拢115.5m (鈧�164m) in a UK retail property asset sold by TH Real Estate.
The investment manager bought the Bridgend Designer Outlet in Wales at a net initial yield of 5.75% for its Property Portfolio vehicle.
The fund鈥檚 manager, Fiona Rowley, said: 鈥淏ridgend Designer Outlet has benefited from 5% year-on-year turnover growth during the last five years, and, as a result, rental growth is set to continue rising, aided by significant levels of inward investment into the region.
鈥淭his fully supports our strategy for acquiring prime retail assets in strategic locations to provide our investors with long-term income growth revenue.鈥�
Katherine Friend, head of asset management for retail warehousing at TH Real Estate, said the company would use the proceeds of the sale to develop the Cheshire Oaks and Swindon designer outlets in its Henderson UK Outlet Mall fund.
Tenants of the 244,0890 sqft asset include an Odeon cinema, GAP, Adidas and Clarks, with an annual rent of approximately 拢7m.
McArthurGlen will continue to manage the centre.
