Tellon Capital has bought Chineham Shopping Centre in Basingstoke, Hampshire, for around £60m from LGIM Real Assets.
The out-of-town retail destination includes a 24-hour Tesco superstore, M&S Foodhall, Boots, Costa and the Public Library. It is located to the north west of Basingstoke town centre and has 29 units of A1 class usage.
The purchaser is a multi-family real estate investment business in the UK. It works in partnerships with high net worth individuals, families and institutional investors.
James Burchell, partner, Tellon Capital, said: “We recognise Basingstoke and Deane as a fantastic part of the country, under-developed from a retail perspective, but with an excellent demographic and catchment. We believe the retail market is undergoing a shift, requiring asset managers with specific expertise to use their skills to add value in a difficult climate. Our asset managers can work with the existing offer to drive returns for our investors. Whether high street, out of town or a shopping centre – we create a bespoke solution that suits the local area, the tenants and delivers a financially attractive future.”
James Whitehill, senior fund manager, LGIM Real Assets, added: “This sale concludes the successful completion of our business plan for the assets resulting in strong returns being delivered to our investors.”
Tellon Capital’s team has more than 50 years’ experience in real estate. The company owns a range of asset classes in the UK and has spent the previous twelve months securing planning consent for the £150m Bargate in Southampton, a further project in Kingston and acquiring the Harpur Centre in Bedford.
BNP Paribas Real Estate acted on behalf of LGIM; Aitchison Raffety advised Tellon Capital.
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