Orchard Street Investment Management has completed the acquisition of the Cardiff Bay retail park from Invista Real Estate Management and Schroders for £54.5 mln (EUR 62 mln), reflecting a net initial yield of 6.25%.

Cardiff Bay Retail Park is located on Europe's largest waterfront development, which is also home to the Welsh Government. With tenants including Boots, Argos and Bhs, the park is part of a substantial retail hub that includes IKEA and Asda.

This latest acquisition concludes an active six-month period during which Orchard Street completed around £400 mln of investment and asset management activity in the UK.

'Our acquisitions in the retail sector reflect a specific opportunity we identified at the end of 2010 for good quality retail locations underpinned by secure income and reversionary potential, where there is the added potential for asset management,' said Orchard Street partner John Humberstone.