EAST Kilbride Retail Park has been acquired by a French asset management firm for £12.25 million in a deal that reflects confidence in the prospects for businesses in the area.

Corum Asset Management bought the retail park from Aberdeen Standard Investments.

Corum was advised by property consultancy Knight Frank, which said the deal showed there is still an appetite for well-located retail warehouse assets, despite the challenges posed by online shopping.

Knight Frank surveyor Rhu Wishart noted: “East Kilbride is also set to benefit from new residential and infrastructure developments over the course of the next few years through the Glasgow City Region Deal, which can only have a positive knock-on effect for retailers and the retail park itself.”

Tenants of the retail park include The Range, Pets at Home, Currys PC World and Halfords.

Corum will enjoy an initial yield of 10.49 per cent on its investment based on the rental deals in place.

The acquisition comes soon after two other retail parks in Scotland were bought by investors based outside the country.

Earlier this month a Middle Eastern sovereign wealth investor bought the Tweedbank Industrial Estate in Galashiels for £4.57 million.

In April London-based Danobe Securities bought Craigentinny Retail Park in Edinburgh for £3.35m.

The buyers in the two deals are set to achieve initial yields of 8.62% and 7.81% respectively.