French REIT acquires Wakefield retail park for over £21m
Knight Frank has acquired Westgate Retail Park in Wakefield for over €25m (c.£21.9m) on behalf of Iroko Zen, a French real estate investment trust (REIT).
Spanning 143,192 sq ft, the retail park comprises 15 units and is fully let to retailers including JYSK, Currys, Pets at Home, and KFC. Nearby retailers and operators include PureGym, Wickes, Dunelm, B&Q, Mecca Bingo, and Cineworld.
The scheme has a weighted average unexpired lease term of 4.6 years to expiry.
Located a quarter of a mile south of Wakefield Town Centre, the scheme also benefits from 650 car parking spaces, a ratio of one space per 215 sq ft.
This follows Iroko’s recent acquisition of a retail and leisure block in Harrogate, North Yorkshire for £3.7m.
Savills acted for the vendor.