Legal & General Property (LGP) has acquired Meadowhall Retail Park in the English city of Sheffield from Standard Life Investments UK Retail Park Trust for £39.5 mln (€54 mln).
Legal & General Property (LGP) has acquired Meadowhall Retail Park in the English city of Sheffield from Standard Life Investments UK Retail Park Trust for £39.5 mln (€54 mln).
The purchase was an off-market transaction.
Meadowhall Retail Park, which was bought for LGP's Managed Property Fund, offers 20,000 m2 of purpose-built retail space and is currently 95% let with a weighted average unexpired lease term of over eight years.
'The acquisition of Meadowhall Retail Park supports the fund’s strategy to acquire strong assets that offer quality income and further potential to add value through active asset management initiatives,' said Mark Russell, senior fund manager at the Managed Property Fund.
Wilkinson Williams advised the vendor, while Savills represented LGP.
