BMO Real Estate Partners (formerly F&C REIT) has completed two retail centre transactions in the UK totalling £291 mln (398 mln).

BMO Real Estate Partners (formerly F&C REIT) has completed two retail centre transactions in the UK totalling £291 mln (398 mln).

One transaction was an acquisition and the other was a disposal.

In the largest of the two deals BMO acquired Parkgate Shopping Park in the English town of Rotherham for around £175 mln. The vendor was Hercules Unit Trust.

BMO said that Parkgate attracts nearly 10 million visitors a year. It consists of 565,000 square feet (52,500 m2) of retail warehouse and restaurant space on 40.6 acres (16.4 hectares). In total, the site provides accommodation for 42 retailers and 2,250 free parking spaces.

The shopping park caters for an extensive catchment area, containing approximately 1.5 million people. On top of anchor brand names such as M&S, Morrisons, Next, Boots and H&M, there is also strong demand from other retailers seeking representation – despite already being at full occupancy.

Separately, BMO announced it had completed the sale of Eastgate Shopping Centre (Eastgate) in the Scottish city of Inverness to Harbert European Real Estate Fund IV for £116 mln. Under BMO, the shopping centre has grown to 99% occupancy, underpinned by anchor brands including Debenhams, M&S, Topshop, Next and Superdry.

BMO, which also owns Bon Accord and St. Nicholas shopping centres in Aberdeen, has owned Eastgate since 2013.