Aberdeen Investments has acquired Sears Retail Park in Solihull on behalf of the Standard Life Pooled Pension Property Fund for £69.6m.
The circa 136,300 sq ft scheme comprises a linear terrace, a prominent standalone unit and two semi-detached units.
The retail park is anchored by Marks & Spencer and Next and the tenant line-up also includes TKMaxx, Homesense, Boots and Mountain Warehouse.
David Stewart, fund manager, Aberdeen Investments for the Standard Life Pooled Pension Property Fund, said: “There remain some good opportunities in retail parks where occupational costs have been rebased. Retailer demand for key locations is robust and yields remain relatively attractive. This asset has all these attributes and reflects our strategy of acquiring prime assets where we can add value through our proven asset management capabilities and strong retailer relationships. It is an excellent addition to the fund’s portfolio.”
Aberdeen was advised by CBRE.
