Highcroft Investments has acquired the entire issued share capital of B L (Wisbech) Ltd together with its wholly owned subsidiary Belgrave Land (Wisbech) Ltd from its six private shareholders. B L (Wisbech) Ltd and Belgrave Land (Wisbech) Ltd own a single asset, the Belgrave Retail Park in Wisbech, Cambridgeshire, which comprises a freehold retail warehouse park totalling 56,082 sq ft of space fully let on average weighted unexpired lease terms in excess of 10 years to the covenants of Dunelm, Halfords, Carpetright, Pets at Home and Currys PC World. The property produces an income of £620,585 pa and the gross cost, excluding fees, was £8,500,000; the resultant net yield is approximately 7.1%.
The property was acquired by a subsidiary of Highcroft,Rodenhurst Estates Limited. This has drawn an additional £7,500,000 fixed term, non-amortising loan, secured on this asset and certain other property assets, to fund this transaction and the remainder of the consideration is funded from existing cash resources.
HCFT : Highcroft buys Wisbech retail park