French firm snaps up Coventry retail park for £23.5m
French property management company Sofidy has acquired Warwickshire Shopping Park in Coventry for £23.5m, reflecting an initial yield of 7.4%.
The asset, acquired on behalf of the SCPI Sofidy Europe Invest and the SCPI Immorente funds, extends to approximately 118,400 sq ft, and is home to retailers such as Marks & Spencer, Boots, Sports Direct, Costa Coffee, The Range, and Asda.
Located 19 minutes by train from Birmingham, the retail park also benefits from an on-site bus stop and offers 376 parking spaces.
Jean-Christophe Avellaneda, investment director for the British market at Sofidy, said: “In addition to the good general condition of this asset, the variety and longevity of its tenants, the British retail market remains particularly vigorous today, with low commercial vacancy. Along with its Dutch counterpart, it is also the one that has recorded the most significant downward repricing in Northern Europe since the end of the health crisis.”*
Harvey Spack Field advised the seller, whilst Knight Frank advised the buyer.
*translated from French.