The Junction Fund has bought out the remaining 35% in Thurrock shopping park from DTZ Investment Management.
Simultaneously, West Thurrock retail park and the adjacent Kiddicare store has been sold to DTZ IM. Both transactions were on behalf of DTZ IM’s Strathclyde Pension Fund.
Capital & Regional, which asset manages the Junction Fund, said the fund had paid a small premium to reflect the full control that buying out the minority interest provides.
The Junction Fund now holds 100% of Lakeside Extra retail park, Tunnel retail park and Lakeside leisure park at Thurrock, totalling 268,000 sq ft of retail.
The Junction Fund is to be marketed for sale for around £287m. It comprises Imperial retail park in Bristol, Abbotsinch retail park in Paisley, Telford Forge retail park in Telford, the schemes at Thurrock and a mixed-use development on a brownfield site in Oldbury.
Cushman & Wakefield, Wilkinson Williams and Morgan Stanley is advising the Junction Fund on the portfolio sale.
annabel.dixon@estatesgazette.com
