Ares Management has exchanged contracts to acquire Castle Vale Retail Park in Birmingham for £58.4 million, reflecting a NIY of 6.60%.
The property comprises a 181,888 sq ft open A1 (part-food) park with tenants including Sainsbury's, B&M, Smyths Toys, TK Maxx, Argos, ScS and Lloyds Pharmacy. The scheme benefits from a WAULT of 7.3 years and has an average rent of £22.62 per sq ft.
Wilkinson Williams acted on behalf of Ares Management.
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