Red Kite on behalf of Taris Real Estate Europe 1 LLP has secured the fourth property for the Taris Retail Property Fund.
The property in Portsmouth is let to Three UK Retail Ltd for a remaining term of four years at a rent of £153,500 p.a.
The purchase yield was ?% and the property corresponds neatly into Taris Real Estate Europe 1 LLP’s business plan of buying short leasehold prime pitch properties in secondary market and cathedral towns.
Red Kite will asset manage the property along side its partner, Mark Sachon, of London and Lothian in order to add value by lease restructuring prior to or at the point of lease expiry.
Jones Lang LaSalle Limited acted for Taris Real Estate Europe 1 LLP in the acquisition and AHBN LLP acted for the vendor who was a private investor.