LONDON, 28 February 2014 – CBRE Global Investors, on behalf of a separate account client, has acquired a foodstore at 2-6 Werter Road Putney, London for £23.1 million, reflecting a net initial yield of 3.7%.
The 32,556 sq. ft. foodstore is let to Sainsbury’s Supermarkets Limited for a further 21.5 years with annual RPI uplifts. The store has 51 car parking spaces.
Michael Ness, Head of UK, CBRE Global Investors said: “This investment should be an excellent addition to our client’s portfolio. This particular Sainsbury’s is a strong performer and with the attractive lease length, strong covenant and the annual RPI linked reviews, this will provide secure income and solid returns for our client.”
Paul McNair of Fineman Ross said: “This is a highly sought after asset class and the depth of competition is reflective of strong investor appetite for quality assets in prime locations, a position which is likely to sustain for the foreseeable future.”
Fineman Ross acted for CBRE Global Investors. Chapman Petrie acted for the private investor vendor.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.1 billion in assets under management* as of December 31, 2013. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.