Cubemaker buys Poole retail park for £9.15m

30.09.11

Property investment fund, Cubemaker, has bought the Mannings Heath Retail Park in Poole from The Church Commissioners for England for £9.15m.

The 71,959-sq ft park comprises 4 units let to Homebase, Topps Tiles, Fabric Warehouse and Carpet Barn. The purchase reflects an initial yield of just over 8%.

Created by Cube Real Estate, Cubemaker is a £100m UK-focused opportunistic property fund which is targeted at producing above average total returns through strategic buying, active asset management and planned exits. Its investors include BP Pension Fund's Ropemaker Properties, Staffordshire County Council Pension Fund and a number of high net-worth individuals.

The latest acquisition brought Cubemaker's spending to approaching £30m for the year to date, and it now has nearly £60m of assets under management.

Cube Real Estate's Stuart Loggie commented: "Mannings Heath Retail Park suited Cubemaker's investment criteria and we are looking to make further purchases in the near future".

Morgan Williams and Jones Lang LaSalle Corporate Finance advised Cubemaker in the purchase. Griffiths Eccles acted for the vendors.

Further information:

Stuart Loggie Cube Real Estate 0845 262 5544

 

 

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