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.