RREEF Real Estate has confirmed the purchase of two prime properties in Liverpool and Cardiff.
As revealed by Estates Gazette, RREEF has bought 9-15 Church Street in Liverpool, comprising around 66,500 sq ft, for £29.7m from Aegon Asset Management. It is let to H&M, Boots and Cash Generator.
It has also acquired for 80-88 Queen Street in Cardiff from KPMG for £25.8m. The 95,800 sq ft shop is let to fashion retailer Next.
The purchases were made on behalf of two German institutional clients.
“We are beginning to find value in the major retailing centres in the United Kingdom,” said James Petit, head of UK and Ireland for RREEF Real Estate. “The quality of these properties makes them strong investments for our German clients, who are looking for stable assets with a long-term income stream.”
Jones Lang LaSalle acted for RREEF and Aegon Asset Management in Cardiff; CBRE advised KPMG; Kitchen LaFrenais Morgan advised RREEF in Liverpool.
annabel.dixon@estatesgazette.com
