The Schroder UK Property Fund has bought two regional properties for a combined total of £61m.
It bought Lemon Quay, a 165,619 sq ft shopping parade in Truro, Cornwall, for £40m. Tenants include Marks & Spencer and Debenhams.
And Schroders also bought the Holland Market and Winfrey Avenue retail parks in Spalding, Lincolnshire, for £21m. Tenants at the 94,714 sq ft pair of retail parks include B&Q, Halfords, Wilkinson, Argos and Marks & Spencer.
James Lass, fund manager of Schroder UK Property Fund, said: “We are delighted to have secured these two properties on an off-market basis. The improving economic environment is beginning to feed through into retailer confidence, so we believe these purchases are well timed.
“The assets fit in with our long-standing strategy of acquiring well-located real estate, let off low base rents where occupier demand is strong. We see numerous asset management opportunities in both properties.”
sophia.furber@estatesgazette.com
