CBRE Global Investment Partners (GIP) has acquired the Willow Brook Centre, a dominant retail park in the centre of Bristol, for £88.8 mln (€106 mln).
Made on behalf of the CBRE GIP European Co-Investment Fund (ECF) working with Arax Properties, the deal marks ECF’s fifth purchase.
The 231,000 ft2 (21,500 m2) retail park is located in the residential suburb of Bradley Stoke, which benefits from a local catchment of approximately 169,000 people. The centre opened in 2009 and is anchored by Tesco, with a 40 further tenants including Argos, Iceland and Boots.
Charles Baigler, fund manager ECF, CBRE Global Investment Partners, commented: ‘We have acquired an asset that is anchored by a high performing tenant and offers a long-term, stable income stream supported by strong catchment fundamentals.’
He added: ‘The Willow Brook Centre also provides a number of asset management opportunities that will allow us to increase and diversify income.’
ECF and Arax are already collaborating on a portfolio of logistics assets in France, which were acquired by ECF in 2015.
