Aviva Investors has sold Tesco Extra in Kettering, Northamptonshire, to Legal & General Investment Management for £52m.
The 100,000 sq ft store was one of the biggest assets in the Aviva Investors Property Fund, formerly the Aviva Property Trust before it converted to a property authorised investment fund in August.
The fund was one of seven that closed to redemptions following the EU referendum last year.
When it reopened, Andrew Hook, the fund’s manager, said it would continue to sell assets, retaining core sites in London, Manchester, Birmingham and Cambridge.
James Watson, head of retail capital markets at Colliers International, said: “The market for prime retail food stores has accelerated in H2.
“We have seen a significant uptick in transactional activity with a wider trend from investors for securing long-dated income.
“Interestingly, this deal also highlights the return of institutional money to the large store market after a relatively quiet 2016.”
Colliers International advised Aviva in the sale.
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