Aviva's UK-based asset management business Morley has sold 50% of the Crown Point shopping park to The Crown Estate for almost £68mln (EUR 86mln). Crown Point is a 27,000 m[sup]2[/sup] shopping park, situated on the edge of Leeds City Centre. The acquisition also includes an adjoining industrial property with development potential.
Aviva's UK-based asset management business Morley has sold 50% of the Crown Point shopping park to The Crown Estate for almost £68mln (EUR 86mln). Crown Point is a 27,000 m2 shopping park, situated on the edge of Leeds City Centre. The acquisition also includes an adjoining industrial property with development potential.
David Diemer, fund manager of Morley's Out of Town Retail & Leisure properties, said: 'This transaction allows us to capitalise on three years of active asset management. It has been a very successful investment in which we will continue to hold a substantial stake. We look forward to working with The Crown Estate, a similar long term active investor, in identifying further opportunities for improvement of this prime asset.'
Jim Yates, head of regional and residential portfolio at The Crown Estate said: 'Despite current market conditions, The Crown Estate is very much in the market to purchase quality assets. We are delighted with this exciting purchase which further reinforces our current strategy to diversify our portfolio and purchase new retail and office properties outside central London.'
