M7 Real Estate has bought Great Lodge Retail Park in Tunbridge Wells, Kent, from UK Commercial Property REIT for £46.25m.
The sale price was at the June valuation. UK Commercial Property REIT’s portfolio now compromises 16.3% retail assets with no shopping centre exposure.
New tenants Aldi and Starbucks have been signed for the retail park and will join existing tenants B&Q, DFS, and Currys.
Will Fulton, lead manager of UKCM at Aberdeen Standard Investments, said: “This latest disposal aligns with our long-term strategy to reduce our exposure to the retail sector.
“Having completed our asset management programme with lettings to Aldi and Starbucks, we have been able to enhance its value and this sale now provides us with extra firepower to invest in attractive, income producing assets in sectors that are resilient to long term market trends.”
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