A LondonMetric Property and Universities Superannuation Scheme joint venture has exchanged contracts to buy Trostre South Retail Park in Llanelli.

The Metric Income Plus Partnership will pay charity Benesco £12.8m, reflecting a net initial yield of 6.8%.

The 75,400 sq ft retail park is let to B&Q, Pets at Home and KFC. It has a vacant unit of 10,000 sq ft, formerly let to Dreams, which is subject to a two-year rental guarantee.

The average rent is £12.10 per sq ft and the unexpired lease term is 14.7 years.

The park is adjacent to the 450,000 sq ft Trostre Shopping Park anchored by Tesco, M&S, Next, Debenhams and BHS.

Edgerley Simpson Howe advised MIPP. Harvey Spack Field/Metrus advised Benesco.

TK Maxx is to open at Hollywood Retail and Leisure Park, Barrow-in-Furness.

Standard Life Investments UK Property Fund has secured leading clothing and home goods brand TK Maxx as its latest tenant at Hollywood retail and Leisure Park in Barrow-in-Furness.

The retailer has signed a ten-year lease for a new 17,000-sq ft store, in the unit previously occupied by Comet. TK Maxx plans to open its doors later this year, following a full refurbishment of the unit.

Nigel Chapman, fund Manager of Standard Life Investments UK Property Fund said, “It’s testament to the quality of Hollywood retail and leisure park and the strength of the local market that a major international brand such as TK Maxx has chosen its first store in the town to be located at the retail park. This letting to TK Maxx complements the existing retail and leisure mix at the retail park and will be a big draw for the local community.”

Edgerley Simpson Howe and JLL were letting agents and Morgan Williams advised the tenant.

Standard Life Investments have secured a letting to 99p Stores Ltd at Colchester Retail Park, Colchester.

The 3,967 sq ft unit, formerly occupied by Blockbuster, has now been let to 99p on a 10 year lease at a global rent of £99,000 per annum.

The retail park which is situated close to the town centre, is now fully let with Maplin, Sporting Pro, Brantano and Matalan also in occupation.

Standard Life Investments were advised by ESH.

Edgerley Simpson Howe has strengthened its commercial and residential property management business with the acquisition of the trading of T G Estate Management Ltd.

The move sees an expanded team of 17 working from the company’s Surrey base and boosts its own management portfolio by a further 57 residential estates.

TG Estate Management Ltd, formerly Tyser Greenwood Estate Management, has been acting for a number of Residents Management Committees and Freeholders since 2008.

The acquisition includes all three of the business’s estate managers.

Simon Marshall, partner in charge of Property Management at Edgerley Simpson Howe, said: “The acquisition of TG Estate Management Ltd gives us the ideal platform for the continued long term growth of our residential property management business.

“We are keen to continue to expand in this sector and to bring our expertise and professionalism to a wider client base.”

Edgerley Simpson Howe has historically had a long established track record as a specialist in retail warehouse property and has managed some of the UK’s most significant out of town developments. Since 2007 it has expanded into the residential management and this acquisition sees its continued growth in this sector.

“We are really delighted about this development at Edgerley Simpson Howe,” added Nick Howe.

“We’re looking forward to getting to know the TGEM clients and to working with more owners and developers around the Surrey and London area as our sector growth continues.”

Boots have re-geared their lease for a further 10 years at Bath Road in Calcot, Reading.

The new 10 year term certain takes effect from 28th September 2014 with Boots receiving a capital contribution and half rent period as an incentive. Other retailers on the scheme consist of Sainsbury’s, Sports Direct and Next.

ESH acted on behalf of the Landlord Lothbury Property Trust.

Scottish Widows Investment Partnership have sold Pallion Retail Park in Sunderland to Europa Capital and Ediston Real Estate for a price of £18,950,000, a net initial yield of 7.29%.

The park comprises approximately 130,000 sq ft anchored by Matalan and Dunelm. Other tenants are B&M, Iceland, Poundstretcher and Wallpaper Warehouse. There are a range of lease expiries from 2018 – 2026 at rents of £10 – £13.50 psf.

Planning is open A1 part food, part non-food.

Scottish Widows Investment Partnership were jointly represented by ESH and Morgan Williams.