Three retail purchases for the Kames Capital UK Active Value Property Unit Trust II
The Kames Capital UK Active Value Property Unit Trust II has completed the acquisition of three retail property assets for a total of £15.9m.
Broadway Corner, Bromley and 7-11 Midland Road, Bedford were both purchased from Aviva Investors for £11.05m. Broadway Corner comprises a retail parade adjacent to The Glades shopping centre, let to Nationwide, Boots and Warren Evans. Midland Road comprises two prime retail units let to Next and Iceland.
28-34 Old Christchurch Road, Bournemouth, was acquired from clients of La Salle Investment Management for £4.875m. The property comprises three retail units with leisure accommodation over the upper parts. Tenants include Ernest Jones, Holland & Barratt and Cosy Club.
Knight Frank acted on behalf of the Kames Capital UK Active Value Property Unit Trust II.
Megan Garner, property asset manager at Kames Capital commented: “We believe that opportunities in high street retail still remain – but that being selective in the sector is extremely important. The properties in Bedford, Bromley and Bournemouth offer the characteristics we look for across our portfolio; good locations that suit occupier requirements combined with committed tenants.”
The seven-year closed-ended Kames Capital UK Active Value Property Unit Trust II, follows the success of Kames’ first fund, the UK Active Value Property Unit Trust, which raised £275 million. It follows the original fund’s investment strategy, targeting the good quality secondary commercial property market, particularly those properties in the £5m to £15m price bracket.