First World Hybrid Real Estate acquires West Retail Park in Glasgow for £11.7 million
First World Hybrid Real Estate (FWHRE), an Isle of Man Regulated Fund, listed on The International Stock Exchange (TISE), has completed the acquisition of units 1A and 1B, West Retail Park in the affluent residential suburb of Milngavie, just north of Glasgow, for £11.7 million.
The two units are let to Aldi and Home Bargains until June 2039 and June 2034 respectively. The Aldi rent reviews are linked to RPI.
Over the past 24 months, both supermarket and discount retail assets have been highly sought after, with investors attracted by the retailer’s resilient trading performances and the long leases that characterise that sector.
The purchase price of £11.70 million reflected a net initial yield of 4.86%.
Lismore Real Estate Advisors and Avison Young jointly advised the purchaser, whilst Sheridan Keane acted for the vendor.