CBRE Realty Trust Takes U.K. Retail

CB Richard Ellis Realty Trust has announced the acquisition of Maskew Retail Park, a 144,400-square-foot high-quality retail center in the city of Peterborough, U.K., for $51 million, the firm reported. CBRE Realty Trust’s management team worked with the acquisitions team from CBRE Investors in London to acquire the property. Maskew Retail Park is a recently completed development, located at Soke Parkway and Bourges Rd., the major thoroughfare north from the town center, and situated within the major retailing district of Peterborough with street frontage along Maskew Ave.  The property consists of two retail blocks and is fully leased on a long-term basis to retailers with an average remaining lease term of over 17 years.  This is CBRE Realty Trust’s second retail acquisition in the United Kingdom. With this purchase, approximately 19 percent of the REIT’s assets have been invested in markets outside the United States. Said Phil Kianka, CEO of CBRE Realty Trust. “We believe it (the property) complements our other U.K. holdings and is an excellent addition to our overall portfolio.”