Abrdn has acquired the Tandem Centre, a retail park in Colliers Wood, London, for £60.8 mln (€72 mln) from LaSalle Investment Management.
The acquisition was made on behalf of the Standard Life Pooled Pension Property Fund, of which abrdn is the discretionary fund manager.
The Tandem Centre is a retail destination in South London, encompassing 118,079 ft2 (11,150 m2) of retail warehouse space across 16 units on a freehold 7.68-acre (2.7 ha) site.
The centre is fully let to a diverse mix of retailers, including Lidl and Next. The asset presents various asset management opportunities.
Located just 8 miles (13 km) from Central London, it serves a large and affluent catchment area and provides the opportunity for both alternative, and the intensification, of land uses at the site over the longer term.
David Stewart, fund manager of the Standard Life Pooled Pension Property Fund commented: 'We are very pleased to have secured the purchase of the Tandem Centre.
'Having successfully sold out of low yielding industrial and provincial retail parks at the peak of the market in 2022, we are pleased to be reinvesting back into stronger higher yielding London assets.
The Tandem Centre is the second such acquisition this year and compliments the other larger scale urban Retail Parks within the fund. We are excited by the opportunities to drive the asset forward.'
Knight Frank represented abrdn in the transaction, while Park Place Retail acted on behalf of the vendor.
