Real estate investment adviser Delancey and US asset management firm Columbia Threadneedle Investments have taken full control of the Castlepoint Shopping Park, after acquiring abrdn’s 50% stake.
Completed on behalf of client funds, the acquisition is believed to have valued the entire retail park at £180 mln (€212.7 mln), implying £90 mln (€106.3 mln) for the 50% stake.
Located in Bournemouth, on the UK’s south coast, Castlepoint is one of the UK’s largest shopping parks, with 63,546 m2 of retail space and over 3,000 car parking spaces on a 14.5 hectare site.
A Delancey spokesperson commented: ‘Having been invested in Castlepoint Shopping Park since 2010, we understand the asset and see further opportunities for it. We look forward to working alongside our JV partner to maximise its potential for retailers and shoppers, taking its place as a leading shopping destination befitting of its scale and regional dominance. Completion of the acquisition allows the JV to review the tenant mix in light of changing consumer habits.’
Anchor tenants include Marks & Spencer, Sainsbury’s, Asda, B&Q and Next, alongside a further 31 units ranging in size from 139 to 1,393 m2.
Delancey and Columbia Threadneedle Investments aim to continue enhancing the tenant mix and will conclude the ongoing car park remediation works by the beginning of 2023.
