BMO buys in Bournemouth

Published:  01 August, 2017

Ringwood Road retail park bought for £15.5m

BMO Real Estate Partners’s F&C UK Property Fund has acquired Ringwood Road retail park in Bournemouth from Aberdeen Asset Management for £15.5m, reflecting a net initial yield of 5.78 per cent.

The 55,497-sq ft retail park has an open A1 non-food planning permission and is fully let, occupied by Argos, Sports Direct, Home Bargains and TK Maxx. The passing rents average £17.24 per sq ft with a WAULT of 7.15 years.

Guy Glover, manager of the F&C UK Property Fund, said: “As an established shopping location benefitting from strong covenants, the park provides an income return which we feel can be enhanced over the longer term through active asset management. We continue to look at new properties to expand the fund further over the coming months.”

CWM Out of Town advised BMO Real Estate Partners and Harvey Spack Field represented Aberdeen Asset Management.

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