The subsector's high occupancy and rebased rents attracted three more investors looking for higher yield assets, income spread and rental growth.
Aviva Investors bought Brunel Retail Park near Reading and Abrdn laid out almost £61 mln for the Tandem Centre, a retail park in south west London. Both paid higher prices than the vendors had been seeking.
In a third deal, Warehouse REIT snapped up the second phase of Ventura Retail Park, in Tamworth, part of a 700,000 ft2 retail warehousing cluster near Birmingham, at a NIY of 7.4%.
Simon Hope, long-time retail park champion and MD at the REIT's investment adviser Tilstone, said Warehouse REIT's acquisition was a rare opportunity to add an investment that will be earnings enhancing in year one. '(Retail) rents have rebased and are now starting to grow, while pricing remains attractive relative to equivalent assets on the multi-let industrial side', he commented.
Abrdn also sold two properties: a small data centre in London Docklands which CBRE Investment Management picked up; and a long-leased logistics building in Essex.
There were no large single property or portfolio deals closing this week, but several chunky investments were officially launched for sale, notably Prague's largest hotel and conference centre and the remaining properties in M&G's balanced open-ended UK retail investor fund.
There was also a rumour of a very large London office redevelopment being in play - 120 Fleet Street. The building is owned by Hong Kong-based Chinese Estates which last week put a prime Mayfair office up for sale.
The only recent London office sale closing was another small one - typical of the persisting low transaction volume: Commerz Real traded 1 Paternoster Square in the City for £24 mln to the London office specialists CLI Dartriver, the value add company set up by two former Great Portland Estates directors.
In the debt markets, there were two relatively large eurobond issuances, by German resi specialist Grand City and flexible workspace group IWG.
Following last week's closing of three opportunity funds, it was Lone Star's turn this week. The Dallas-based private equity firm raised almost €5 bn for its 12th global fund.
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