The sale reflects a net initial yield of 6.8 percent per annum.
The property comprises eight retail warehouse units spanning 118,255 square feet, including 430 car parking spaces, and is located to the west of the town.
According to CBRE GIP, it reduces the portfolio’s weighting towards retail warehousing, allowing it to acquire assets in the industrial and alternative sectors.
The property was the seventh largest in the UKPP fund, making up 2.2 percent of the capital value and 3 percent of the portfolio income.
UKPP, the £1.5 billion fund, was launched in December 2016 after the merging of two CBRE GIP funds, the UK Property fund and the ESPS UK property portfolio.
Hannah Marshall, fund manager of CBRE UKPP fund, said: “It is key that we continue to recycle assets to ensure our portfolio is of the highest quality. In line with our strategy, we continue to invest capital in quality asset and creating value for our investors.”
She added: “As an asset based in a non-core location, it allows us to focus more on acquiring core properties which aligns with our portfolio strategy.”
Cushman & Wakefield advised CBRE Global Investors.