DTZ Investors has bought a £59m (€67m) retail park in the south of London from Oval Real Estate.
The real estate manager said it has bought Purley Cross Retail Park, a fully-let 126,410sqft asset in Croydon comprising five units situated on an 8.6-acre site.
Ben Haller, director at DTZ Investors, said: “We are delighted to have secured this asset with such strong fundamentals. The occupational dynamics in Croydon, in tandem with the WAULT and tenant profile, offers resilient income with prospects for growth.
“The underlying location gives flexibility for alternative land uses over the long term, whilst the quality of physical real estate immediately strengthens the fund’s responsible investment objectives.”
Joe Wall, director at HampsonWall, representing DTZ Investors for the transaction, said: “We are beginning to see a resurgence in institutional demand for the prime retail warehouse assets over the past few months which DTZ Investors has spearheaded with this acquisition.
“This sort of asset is rarely available and offers defensive income in a core location to counteract current market risks.
“Positively, the UK’s economic outlook may not be as severe as some predicted at the tail end of last year and we expect to see a busy 2023 as conditions stabilise and investors actively pursue opportunities to deploy capital.”
Green & Partners and DTRE acted jointly for the vendor.
To read the latest edition of the latest IPE Real Assets magazine click here.
