Celexa - Retail - Retail Acquisitions

Date: 10 Feb 2000

Celexa Real Estate Investment Management, acting on behalf of Forsakringsbolaget SPP omsesidigt has completed over £45 million worth of acquisitions within the last 6 weeks.

Celexa purchased Wilson Bowdens' recently completed White Lion Retail Park, Dunstable for £25.5 million. The 124,000 sq ft retail park will generate an income of approximately £1.7 million per annum, reflecting initial yield of 6.5%.

In a separate acquisition Celexa has purchased Turners Rise Retail Park in Colchester for £20.16 million. The 121,225 sq ft park's tenants include Courts plc, Home Place Ltd and Tempo. Based on an income of approximately £1.5 million per annum, it reflects an initial yield of 7.0%.

Philip Ingman, managing director of Celexa commented "The research we carried out during 1999 indicated that traditional retail parks would be the strongest performer over the next three years, fueled by employment, disposable income and strong house prices. These two recent acquisitions underpin our current strategy. We have made a great start to what we expect to be a very exciting year".

Smith Price acted on behalf of Celexa for the acquisition of White Lion Retail Park.

Singer & Friedlander and City & County developed Turners Rise, Wilson Mortimer acted for Celexa and Bachmanis & Co./Edgerley Simpson Howe acted for the vendor.

Where do I go now?: » View the latest news items » View the news archive » Subscribe to Weekly Property Newsletter » Submit news