Pramerica Real Estate has bought the 138,500 sq ft Templars Retail Park in Oxford for £67m.
The park, which has an average weighted lease term of 10.9 years, was sold by Quadrant Estates and joint venture partner KKR for a net initial yield of 4.99%.
The park was bought in 2013 as part of the joint venture’s wider Tuscany retail park portfolio acquisition for £112.5m, a yield of around 7.5%, marking KKR’s debut European direct property deal.
Since the acquisition the the reconfiguration of the former B&Q unit has been completed and lettings to Sainsburys, Poundland, Pets at Home, Costa and Pure Gym at rents up to £32.50 per sq ft have been agreed.
The park is also let to TK Maxx, Matalan, Asda Living, JD Sports, and Halfords.
JLL acted for KKR and Quadrant.