UK's Ashby Capital purchases $82.3 mln Abbotsinch Retail Park

London-based real estate investment firm Ashby Capital has purchased Abbotsinch Retail Park in Paisley, UK for 67 million pounds ($82.3 million).

The purchase price represents a net initial yield of 7.8 percent. More so, Abbotsinch Retail Park, which is fully let to brands including a B&Q, Dunelm, Tapi and Natuzzi, is conveniently located five miles west of Glasgow.

Ashby Capital acquired the property, that is covering 24,600 square meters of floor space, from British property development and investment company Hammerson.

In 2012, Hammerson had bought the asset for $52 million and has added more than 8,700 square meters of retail floor space since then via phased developments, at a cost of $21 million.