British Land has acquired the Blackwater Shopping Park from a fund managed by UK real estate asset manager Lothbury Investment Management.
The asset in Farnborough, which had been owned by Lothbury Property Trust since 2014, was acquired for £38m (€44m).
Blackwater Shopping Park comprises 118,164sqft across 12 units including a standalone McDonald’s drive-thru and a Costa Pod.
Ed Hockley, director at Lothbury Investment Management, said: “A sale of Blackwater Shopping Park conforms with the Lothbury Property Trust strategy to reduce the portfolio’s exposure to the retail sector.
“The proceeds of the sale have been allocated to some key sustainable developments ongoing within the Fund in the life sciences and industrial sectors.”
To read the latest edition of the latest IPE Real Assets magazine click here.
