Schroder fund completes €73m UK retail acquisition

Schroder UK Property Fund (SPF) has purchased two properties from Corbo Properties in an off-market transaction worth £61 mln (€73 mln).

SPF has purchased Lemon Quay in Truro, Cornwall for £40 mln. The asset of over 15,300 m2 is a multi-let retail park and provides an opportunity to increase income, Schroder said. Tenants include Marks and Spencer and Debenhams.

SPF has also purchased the Holland Market and Winfrey Avenue Retail Parks in Spalding, a Lincolnshire market town, for £21 mln. The property occupies a town centre location and comprises two adjacent retail warehouse parks, which provide a total of 8,800 m2 of accommodation. Tenants include B&Q, Halfords, Wilkinson, Argos and Marks and Spencer.

James Lass, fund manager of Schroder UK Property Fund, commented: 'The assets fit in with our long-standing strategy of acquiring well-located real estate, let off low base rents where occupier demand is strong. We see numerous asset management opportunities in both properties.'

CBRE acted for Schroder UK Property Fund.