Aviva Investors has acquired the 117,000 sq ft Brunel Retail Park in Reading for £25m.
Swiss Life Asset Managers acquired the retail park for £17.5m four years ago and put it on the market earlier this year with a reported price tag of £27m.
The park, which is spread over 8.3 acres, comprises six retail units and two restaurants and is let to a number of household brands including Halfords, Pets at Home, B&M, Homes Bargains, Dreams and The Range.
It is located two miles south of Reading town centre and offers quick access to the M4 motorway.
James Stevens, head of real estate investment at Aviva Investors, said: “Brunel Retail Park is another example of our ability to make strategic purchases of assets that have faced sharp repricing over the last 18 months. With units let to well-established retail tenants with strong covenants, it is a prime retail park in an attractive micro-location. We believe it provides good tenant diversification and spreads income risk, all of which should help to provide long-term performance in our portfolio.”
