M&G Real Estate has acquired the Newcastle shopping park in the UK from Aberdeen Asset Management for £46.25 mln (€64 mln).
M&G Real Estate has acquired the Newcastle shopping park in the UK from Aberdeen Asset Management for £46.25 mln (€64 mln).
The off-market transaction was made on behalf of the M&G Property Portfolio.
The 20,300 m2 retail scheme is located three miles from Newcastle city centre. The anchor tenant is food retailer Asda, and other brands include TK Maxx, Marks and Spencer, B&M, Carpetright, Pets at Home, Argos and DW Sports.
'Asda in Newcastle Shopping Park is the local area’s major food store. This dominance is coupled with a growing local catchment and a positive trading profile for all retailers onsite. As a result, we feel the fundamentals are in place for this scheme to provide strong medium and long-term rental growth,' commented Justin Upton of M&G.
