Prudential Property Investment Managers (PruPIM) has sold the Saltire Retail Park, Glenrothes, to Glenrothes Retail forÂŁ13.8 million.
The sale reflects a net initial yield of 5.73 per cent, but this is expected to rise on settlement of an outstanding rent review.
The 107,280 sq ft (9,965 sq m) park is multi-let to five tenants, including Homebase, Matalan, MFI and Carpetright. It generates an annual rent ofÂŁ834,000.
DTZ Debenham Tie Leung advised PruPIM. Drivers Jonas acted on behalf of Glenrothes Retail LLP. DTZ associate director Gwynn Thomson said: 'Investor appetite for retail warehouse investments remains exceptionally strong. This resulted in interest from a wide range of investors, including specialist vehicles, property companies and institutions.'
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