Aberdeen Investments has invested £69.6m (€82.5m) to acquire a UK retail park on behalf of Standard Life Pooled Pension Property Fund.
The fund manager said the acquisition of Sears Retail Park in Solihull represents the second retail park investment for its UK real estate fund in the past year, following the purchase of the Tandem Centre in Colliers Wood.
The Standard Life Pooled Pension Property Fund, with £1.77bn in assets under management, invests in UK real estate. The portfolio currently allocates approximately 21% to retail property.
Sears Retail Park comprises a mix of accommodation extending to a total of 136,300sqft with retailers Marks & Spencer and Next as key tenants.
David Stewart, fund manager, Aberdeen Investments for the Standard Life Pooled Pension Property Fund, said: “There remain some good opportunities in retail parks where occupational costs have been rebased. Retailer demand for key locations is robust and yields remain relatively attractive.
“This asset has all these attributes and reflects our strategy of acquiring prime assets where we can add value through our proven asset management capabilities and strong retailer relationships. It is an excellent addition to the fund’s portfolio.”
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