LaSalle has acquired a Sainsbury’s foodstore at Braidwater Retail Park, Ballymena for £17.85 million on behalf of the Northern Ireland Local Government Officers Superannuation Committee (NILGOSC). This follows LaSalle’s acquisition of 2 other superstores in Northern Ireland for NILGOSC last year. Following this acquisition, the total LaSalle has invested in Northern Irish supermarkets over the last year rises to £66.45 million and LaSalle’s investment at Braidwater Retail Park to over £30 million.
The 60,777 sq ft store at Braidwater Retail Park, Ballymena is let to Sainsbury’s on a long term 25 year lease. The vendor is Corbo Properties, Northern Ireland’s largest property company.
Chris Fry, Director at LaSalle Investment Management, commented:-
“We are interested in well located prime assets with long, unexpired leases. This latest purchase follows on from last year’s acquisition of a 85,119 sq ft Tesco store and petrol station on Bentrim Road, Lisburn and a 70,973 sq ft Sainsbury’s store on Strand Road, Londonderry. We continue to seek prime property investments with long, index linked leases across the UK.”
Stephen Kirkpatrick, Chief Executive of Corbo Properties, added:-
“Having originally developed this scheme in the mid-1990s, we have consistently sought to add value to the property through our proactive asset management approach. The sale to LaSalle at a net initial yield of 5.16% demonstrates clearly that, notwithstanding the current economic challenges, there continues to be strong institutional demand for prime assets in Northern Ireland.”
Osborne King and CBRE jointly advised Corbo Properties, the vendor, while LaSalle was advised by Wilkinson Williams.
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