CBRE acquires UK shopping park

The firm’s real estate investment trust is making the acquisition. It is the second retail property acquisition in the UK for CBRE Realty Trust.

Richard Ellis, the real estate investment trust (REIT), has bought Maskew Retail Park in UK city, Peterborough, for £30 million (€27 million; $50 million).

CB Richard Ellis's private equity real estate firm, CB Richard Ellis Investors, worked with the REIT on the acquisition, according to the firm.

It is the second retail property acquired by the REIT. Following the deal, approximately 19 percent of its acquisitions have been made outside of the US. The seller was not named.

The newly constructed retail park is fully leased on a long-term basis to three UK retailers; B&Q, the ‘do-it-yourself’ retailer, Matalan and Argos. The average remaining lease term is of more than 17 years.

The acquisition comes as retailers in the UK hold talks with leading landlords about moving to a system of paying monthly rents rather than paying quarterly in advance.

Sir Philip Green, the billionaire retailer who owns fashion chain Topshop, is leading discussions.

In September, pension fund manager Hermes, which is a significant property owner in the UK, said it was moving to monthly rental payments for its retail, office and industrial tenants. However, in return it wants payment electronically and on slightly higher terms.