American REIT acquires supermarket and drive-through unit in Manchester for £20m
New York-listed real estate investment trust (REIT) W. P. Carey has acquired a supermarket and drive-through restaurant property at a Manchester retail park for £20m.
The properties at M Park Lime Square are occupied by Morrisons and McDonald’s and are both leased on a triple-net basis.
M Park Lime Square is located along the A635 east of Manchester city centre. The scheme benefits from high footfall and is supported by its proximity to densely-populated residential areas.
The transaction – which closed in December 2024 – comes after W. P. Carey acquired a Morrisons supermarket and associated petrol station in Doncaster in January 2024.
Christopher Mertlitz, head of European investments at W. P. Carey, said: “This acquisition underscores our commitment to securing high-quality opportunities in the grocery retail sector. Morrisons and McDonald’s are trusted and enduring brands, and these assets, located in a thriving urban area, are exemplary additions to our portfolio. We are pleased to expand our presence in the U.K. and look forward to building on this success with our valued partners.”