Meyer Bergman picks up 14 regeneration sites in the UK for €338m

Pan-European real estate investment manager Meyer Bergman has agreed to purchase 14 sites earmarked for mixed-use and residential development in the UK for £250 mln (€338 mln).

Meyer Bergman is carrying out the transaction on behalf of a fund and clients it advises.

The sites are located in London, the south-western spa town of Bath and in the south east of England. They are being sold by Spenhill Developments, the regeneration arm of supermarket group Tesco.

Tesco and Meyer Bergman have completed the transaction in relation to 11 sites, with the remaining three sites to complete shortly.

'Since announcing our decision to build fewer stores we have been working with Meyer Bergman to bring forward investment on our Spenhill sites,' said Tesco's CEO Dave Lewis.

Meyer Bergman CEO Markus Meijer said: 'We see this investment as an opportunity to give new impetus to the Spenhill projects, to make Tesco's place-making ambitions for the sites happen and to make an enduring contribution to local communities.'

'Backed by long-term and prudent global institutional capital, Meyer Bergman has a wealth of experience and expertise in the development and asset management of mixed-use properties. We look forward to engaging with local stakeholders so that immediately we can start moving the various Spenhill projects forward,' Meijer said.