KLM Real Estate have completed on the following deal.
• What Castle Marina Retail Park has sold to Columbia Threadneedle
• Why The sale was launched by the joint venture owners prior to the economic upheaval of last summer, and appetite for larger park sales has returned
• What next Hope for momentum to continue throughout the year
Delancey, on behalf of Coal Pension Trust Services, and Blackrock have sold a retail park in Nottingham as larger ticket sales begin to re-emerge in the out-of-town market, React News can reveal.
Columbia Threadneedle, at times a prolific buyer of UK retail warehouses, has bought the 189,000 sq ft Castle Marina Retail Park for around £43m.
The scheme on Castle Bridge Road near the city centre is a bulky goods-focused site with tenants including B&M, Wren, Currys, DFS, Dreams and Homesense at an average rent of £20/sq ft.
The sale was first launched last spring as part of a spate of retail parks brought to market as the residual recovery from the Covid-19 lockdowns continued.
However by summer the market was hit by a range of challenges including the Ukraine war, rising interest rate costs, and the Liz Truss mini-budget, which caused several of the larger retail park sales to stall.
After a quieter first quarter a degree of momentum is returning to retail parks. Last week React News revealed that Imperial Retail Park, a retail and leisure scheme in south Bristol, and Fife Central Retail Park in Kirkcaldy had been purchased by Realty Income Corporation for a combined £175m.
Columbia Threadneedle also bought one of Capreon’s other retail parks, the £70m Rotherham Parkgate, while British Land is buying Thanet’s Westwood and Westwood Gateway retail parks for upwards of £55m.
Savills and Morgan Williams advised on the sale of Castle Marina. KLM Real Estate advised Columbia Threadneedle.
For more information, please contact Jonathan Perkins or William Andrews.
From https://greenstreetnews.com/article/us-investor-grows-retail-park-portfolio-with-castle-marina-purchase/
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