Redevco has bought the 1.3-acre Hanningtons Estate in Brighton, East Sussex, paying more than £50m to Royal Bank of Scotland.
Redevco will now pursue a mixed-use project at the site, creating a new lane comprising shops, flats and offices.
Managing director Adam Starr said: “The Hanningtons Estate epitomises all the key factors that Redevco is looking for in its retail investments. It is located in an attractive, historic shopping district at the centre of a town that is a magnet for visitors and has an affluent and creative population. There are also numerous opportunities to add value through asset management and development.”
The portfolio, acquired by Redevco around the site of the former Hanningtons department store, consists of nine adjoining buildings totalling 122,000 sq ft.
These currently incorporate 29 retail units over 70,000 sq ft, 19,000 sq ft of offices and 41 homes.
This acquisition follows two other retail property deals in Paris and Belgium in recent months, since Redevco started a new long-term investment programme.
Knight Frank and GCW advised Redevco; KLM advised Royal Bank of Scotland.
