Acquisition of St David's Retail Park, Bangor

Orchard Street Investment Management LLP, a leading UK specialist commercial property investment manager, has acquired the St David’s Retail Park, Bangor for £14m reflecting an initial yield of 7% for its UK Special Situations Fund.

St David’s Retail Park in Bangor was constructed in 2002, is fully let and tenants include PC World, David Whelan and Matalan. It totals 70,000 sq ft and has an Open A1 non-food planning consent. This is the fifth acquisition for the UK Special Situations Fund, making a total investment of £106m to date.

The Fund also owns retail parks in Chelmsford and Bournemouth, a shopping centre in Southend, and 60 Cannon St in the City of London. There are additional funds available for investment.

Barney Rowe, Partner at Orchard Street and Fund Manager of the Special Situations Fund, said:

"We are delighted to add St David’s Retail Park, Bangor to the portfolio of the Orchard Street UK Special Situations Fund. This opportunity is a high quality combination of a good yielding asset, providing excellent potential for rental growth in the medium term, as well as for its attractive asset management possibilities. We remain confident that the retail warehouse sector is interesting in general terms and Orchard Street would invest further when the right situations arise."