Standard Life Investments' Pooled Pension Property Fund has exchanged contracts to acquire the 220,000 sq ft (20,500 m2) Cambridge Retail Park from German investor and asset manager Deka Immobilien.
Standard Life Investments' Pooled Pension Property Fund has exchanged contracts to acquire the 220,000 sq ft (20,500 m2) Cambridge Retail Park from German investor and asset manager Deka Immobilien.
The transaction price comes to £109 mln (€138 mln).
Built in three phases between 2000 and 2007, the park houses retailers such as Argos, Harveys, Boots, Currys and PC World, Burton, Dorothy Perkins, Evans, Furniture Village, Halfords, Homebase and Sports Direct.
'We’re pleased to have exchanged contracts to acquire Cambridge Retail Park for the Fund,' said David Stewart, fund manager of the Standard Life Investments Pooled Pension Property Fund. 'It meets our objective of continuing to build a strong, diversified portfolio of quality assets that offer opportunities to deliver robust returns over the long term.'
Standard Life Investments was advised by Edgerley Simpson Howe and Savills while CBRE advised Deka.