KLM Real Estate have completed on the following deal.
• What Royal London Asset Management has bought a fully let retail park in Romford from Abrdn
• Why Eastern Avenue Retail Park provides an opportunity to capture rental uplifts while aligning with RLAM’s strategy to invest in well-let assets
• What next Move follows the company’s acquisition of a 50% interest in Milton Keynes’ Centre:MK shopping mall in November 2024
Royal London Asset Management (RLAM) has acquired Romford’s Eastern Avenue Retail Park from Abrdn.
It is understood that the retail park changed hands for around £26.85m, representing an initial yield of 5.50%.
With three lease expiries in 2027, the asset offers a opportunity to capture rental uplifts, while aligning with RLAM’s strategy of investing in well-let assets.
Eastern Avenue Retail Park is currently fully let to multiple national retailers, including Currys, Wren Kitchens, Home Bargains, Burger King, and Costa Coffee. It also features eight new EV chargers. RLAM already has a presence in Romford with the ownership and management of Gallows Corner Retail Park. The local development landscape strengthens the appeal of the acquisition for the investor, with over 4,500 new homes either under construction or approved in the immediate catchment.
Retail forms a key component of RLAM Property’s strategy, as demonstrated by the recently announced plans to undertake a significant revamp of the two acre Mayfair Quarter in Central London. The purchase of Eastern Avenue Retail Park also follows the company’s acquisition of a 50% interest in Milton Keynes’ Centre:MK shopping mall in November 2024.
Paul Nicholson, senior asset manager at Royal London Asset Management Property, said: “The park’s stable income stream, combined with real prospects for rental growth, aligns strongly with our investment strategy. Acquired off-market, this deal also reinforces our reputation as a trusted investor able to move quickly and successfully on the right opportunities.”
RLAM Property was represented by KLM Real Estate on the deal. Abrdn was represented by ESHP.
For more information, please contact Jonathan Perkins or William Andrews.
From https://greenstreetnews.com/article/royal-london-snaps-up-27m-london-retail-park/
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