Aviva Investors buys £25m Reading retail park

Aviva Investors has bought the 117,000 sq ft Brunel Retail Park in Reading, Berkshire, for £25m. The property, which comprises six shops let to Halfords, Pets at Home, B&M, Home Bargains, Dreams and The Range, plus 401 car parking spaces, was put up for sale by Swiss Life Asset Manager earlier this year. It was seeking £27.2m – a 6% yield for the 8.3-acre site. James Stevens, head of real estate investment at Aviva Investors, said: “Brunel Retail Park is another example of our ability to make strategic purchases of assets that have faced sharp repricing over the past 18 months. “With units let to well-established retail tenants with strong covenants, it is a prime retail park in an attractive micro-location. We believe it provides good tenant diversification and spreads income risk, all of which should help to provide long-term performance in our portfolio.” The freehold site has potential for an alternative residential or industrial uses in the longer term. Planning permission was obtained to create a 90,000 sq ft logistics unit on the site in 2021. XProp advised Swiss Life on the sale. See which agent is doing the most deals in Reading >>