Standard Life Investments Pooled Pension Property Fund has confirmed it has exchanged contracts to acquire Cambridge retail park from German investor and asset manager, Deka Immobilien GmbH.
As revealed by EGi, the fund manager has bought the 220,000 sq ft park for £109m. It was built in three phases between 2000 and 2007 and currently has a roster of retailers such as Argos, Harveys, Boots, Currys and PC World, Burton, Dorothy Perkins, Evans, Furniture Village, Halfords, Homebase and Sports Direct.
Standard Life said Cambridge retail park meets the fund’s strategy to acquire good-quality assets in core locations with opportunities to enhance value through asset management.
David Stewart, fund manager of the Standard Life Investments Pooled Pension Property Fund, said: “It meets our objective of continuing to build a strong, diversified portfolio of quality assets that offer opportunities to deliver robust returns over the long term.”
Edgerley Simpson Howe advised Standard Life Investments; Savills and CBRE advised Deka.
Annabel.Dixon@estatesgazette.com
