New Star UK has acquired a retail unit in Chichester for £10.5 million.
New Star UK's UK Property Unit has acquired a Chichester retail unit that will be let for £10.5 million.
The 70,000 sq ft development is the firm's first
property investment in more than two years and will be let to the House of Fraser department store until 2039.
Commenting on the deal, co-manager of the fund Marcus Langlands Pearse underlined the strategic importance of the
asset leasing purchase.
He said: "This property, in the centre of Chichester, one of the south-east's most affluent towns, further boosts the average lease length across the fund of over ten years and is reflective of the high quality assets held in the portfolio.
"The UK property market is now in full recovery mode with yields on prime properties hardening rapidly."
The value of the fund dropped significantly following the onset of the economic downturn.
Its latest acquisition is expected to make a rental yield of around seven per cent on the property.
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