Redevco has acquired the White Lion Walk shopping arcade in Guildford, UK from Aviva Investors

The Pan-European real estate investment manager said it bought the asset, with 23 retail units, for £12m (€13.4m) on behalf of one of its investors.

Andrew Vaughan, CEO at Redevco, said: “White Lion Walk is strategically located in the centre of Guildford and connects the town’s two main retail pitches, which means it benefits from a naturally high footfall of passing shoppers.”

Vaughan said Redevco plans to modernise the arcade, which is already well-positioned for redevelopment, to make it a more attractive shopping environment and curate a more exciting tenant mix.

“This is in line with our strategy of only investing in areas where we can add value by creating good quality retail space that serves the needs of the local community.”