Kew retail park on the outskirts of Southport has been bought by an acquisitions firm for just under £9 million.
Drum Income Plus Real Estate Investment Trust – otherwise known as DRIP REIT – have snapped up the shopping park this week for £8.7 million and have added it to their portfolio as a long term investment.
It’s thought that there won’t be any change to the day to day running of the site and the acquisition is simply to bolster DRIP’s retail portfolio.
Poundstretcher, Carpetright, Wickes, Carphone Warehouse, Dreams and Sofology are among the businesses which are currently sited on the 53,858 sq ft land.
DRIP REIT chairman John Evans said: “By adding Kew Retail Park to the DRIP REIT portfolio we are maintaining the momentum that has been created since our first acquisition in August 2015.
“We are securing regional properties that fit with our differentiated investment strategy of focusing on assets between £2m and £15m which offer opportunities to add value.
“The positive yield differential that these assets enjoy over larger and more London- and South East-located assets persists, and we believe that the outlook for the regional property market in the UK remains strong, underpinned by high levels of occupational demand and a shortage of supply.
“Our experienced management team will continue to follow an asset management strategy that will drive rental growth and maximise additional income opportunities, offering investors an attractive blend of income return and capital growth.”