Orchard Street Investment Management has bought a retail park in south-east England on behalf of St. James’s Place UK.
The specialist commercial property investment manager said it acquired Slough Retail Park in Slough, Berkshire for around £63m (€71.7m) from Benson Elliot Capital Management.
The fully-occupied Slough Retail Park is a furniture park totalling 152,467sqft of accommodation across eight retail warehouse units with 546 on-site car parking spaces.
Barney Rowe, a partner at Orchard Street, said: “Slough has the fastest-growing population in the UK, an increasingly affluent South East catchment, connectivity to Crossrail from 2019, and major regeneration projects underway, all of which stand to benefit Slough Retail Park.
“The park is well-located and serves as the local area’s principal furniture destination, presenting a compelling investment proposition.”
James Jakeman, a partner at Benson Elliot, said: “During our period of ownership we have been able to deliver significant income and value improvement from an institutional asset that already boasted strong fundamentals.
“Following an off-market approach from Orchard Street, we decided to crystallise the value created through our pro-active management.”
UK-based pan-European private equity real estate fund manager Benson Elliot acquired the asset in 2016.