Aviva Investors has acquired Hedge End Retail Park in Southampton for £30.6m and purchased an Asda superstore in Hayes, Middlesex, for an undisclosed price.
Hedge End Retail Park consists of four retail warehouse units on an eight-acre site offering more than 100,000 sq ft. Current tenants include Currys and Pets At Home. Aviva said it intends to improve the park’s sustainability credentials through the introduction of EV charging points across the estate in addition to other measures.
The 85,000 sq ft grocery superstore in Hayes is currently let to Asda Stores on a 25-year term which expires in 2040 and is subject to a five-yearly review.
James Stevens, head of real estate investments at Aviva Investors, said: “These deals highlight our position as a strategic buyer, and to act with agility in response to repricing in the market. Non-discretionary retail such as food and groceries is a strong defensive asset class against the macroeconomic backdrop. We believe both of these investments can offer strong growth performance, particularly given the current discount in pricing.”
Savills and Hampson Wall acted on behalf of Aviva Investors for its acquisition of Hedge End Retail Park and the Asda store respectively.
