The deal creates a 50:50 Delancey and Columbia Threadneedle joint venture which will take control of the asset management, a role previously held by Abrdn.
Developed in 2003 on 41-acre site in Bournemouth, Castlepoint Shopping Park comprises 645,000sqft of consented open retail and food store use on two levels, with mezzanine trading space together with 3,000 car parking spaces.
In 2010, Delancey acquired a 28% freehold interest alongside funds advised by Standard Life, now part of Abrdn, and Threadneedle.
Delancey and Columbia Threadneedle expect to conclude an ongoing car park remediation works at Castlepoint, that will continue to be undertaken by the same contractor and are on target to complete in early 2023.
A spokesperson for Delancey said: “Having been invested in Castlepoint Shopping Park since 2010, we understand the asset and see further opportunities for it. We look forward to working alongside our JV partner to maximise its potential for retailers and shoppers, taking its place as a leading shopping destination befitting of its scale and regional dominance.
Completion of the acquisition allows the JV to review the tenant mix in light of changing consumer habits.”
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