Redevco has reportedly agreed to buy a portfolio of 16 UK retail parks for circa £520m from Oxford Properties in a deal reflecting a net initial yield of around 6%.
The portfolio, which was created by M7’s Box+ III fund, comprises: Euro Retail Park, Ipswich; Hailsham Retail Park, Hailsham; St Peters Wharf Retail Park, Maidstone; Pompey Centre, Portsmouth; Weston Retail Park, Weston-super-Mare; Imperial Retail Park, Gravesend; Chelmer Village Retail Park, Chelmsford; Bolton Gate, Bolton; West One Retail Park, Manchester; Gapton Hall, Great Yarmouth; Neat Court Retail Park, Queensborough; Poole Retail Park, Poole; and Parc Pemberton Retail Park, Llanelli. The portfolio also includes B&M and Hobbycraft stores in Tunbridge Wells, Halfords and Homebase stores in Staines and a Homebase store in Colchester.
If it completes, the deal would be one of the largest transactions in the retail park sector this year. In September, British Land British completed a flurry of retail park acquisitions for £240m, reflecting a blended net equivalent yield of 7.4%, and a month later the company acquired a portfolio of seven retail parks from Brookfield for £441m.
The deal was initially reported by Green Street News. Redevco declined to comment.
