Deutsche Asset & Wealth Management has bought 50% of the Arena Trust portfolio of Tesco properties for £156.5m from Aviva Investors.
The remaining 50% is owned by Tesco, which coinvested in the portfolio in 2005.
Arena Trust comprises a portfolio of three supermarket/retail warehouse assets predominantly leased to Tesco.
The assets comprise 711,600 sq ft at Arena Shopping Park in Coventry, Broadstairs Retail Park in Thanet, Kent and Clifton Retail Park in Blackpool.
James Petit, head of UK for DeAWM’s Real Estate Business, said: “We are delighted to acquire the 50% joint venture interest in Arena Trust and to be working with Tesco on these assets.
“Their retail knowledge and expertise perfectly complements our asset management aims for the portfolio, which is to provide our client with sector diversification combined with a secure, stable income.”
Cushman & Wakefield advised DeAWM.
annabel.dixon@estatesgazette.com
