CBRE Investment Management has bought the 159,000 sq ft Leamington Shopping Park for £57.5m.
The Warwickshire retail park has been bought from the £768.8m Abrdn UK Real Estate Fund.
It is let to retailers including Marks & Spencer, TK Maxx, New Look, Halfords, The Range, Boots, JD Sports, Next and Clarks and has an average unexpired lease term of 8.6 years.
Abrdn acquired the park through the takeover of Ignis Asset Management in 2014. Ignis paid £70m – a 4.5% yield – for the park, buying it from Hercules Unit Trust and the Crown Estate that same year.
Abrdn’s disposal comes just ahead of a planned vote on the restructure of its open-ended UK Real Estate Fund.
On 18 September shareholders will vote on proposals to pivot the fund towards a hybrid model of investment, with a larger focus on indirect global real estate. The move is part of a plan to improve liquidity for shareholders.
Knight Frank advised CBRE IM on the deal; Savills acted for Abrdn.
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