Knight Frank has acquired Gastons Wood Retail Park in Basingstoke from Aberdeen Standard for £20.7million, on behalf of its client, Corum Asset Management.
Located to the north of Basingstoke city centre, the retail park will form part of Corum Asset Management’s growing portfolio of assets under management in the UK. The French fund manager now has approximately €2bn AUM, distributed between its two funds.
Totalling 120,000 sq ft of retail accommodation, Gastons Wood Retail Park is currently let to Lidl, Dunelm, Go Outdoors and The Range. The asset is let off a low average rent per sq ft with over 60% of the income benefiting from fixed uplifts with an average weighted unexpired lease term to break of approximately 14 years.
Freddie MacColl, Associate, Capital Markets, Knight Frank said, “We are delighted to have advised Corum Asset Management on the acquisition of Gastons Wood Retail Park. The park benefits from strong fundamentals of low base rents and long dated income let to strong covenants within an attractive location.”
Jonathan Smith, Investment Manager, UK, Corum Asset Management said, “We are very happy with the acquisition of Gaston Woods Retail Park for the Corum XL fund. It provides Corum with the ability to access long term income held against a strong tenant line up. The asset contributes to the continued growth of Corum’s XL fund in the UK over the past 18 months. We will continue to source opportunities across sectors as we capitalise on the current weakness in exchange rate and the uncertain political environment, whilst delivering competitive risk-adjusted returns to our retail investors.”
Savills acted for Aberdeen Standard Investments.