Investment manager Brockton Capital and retail property fund manager Pradera have formed a joint venture to acquire a portfolio of retail parks throughout the UK. The partnership has jointly committed enough equity to enable the acquisition of a gross portfolio valued at 拢250 mln (EUR 300 mln).
Investment manager Brockton Capital and retail property fund manager Pradera have formed a joint venture to acquire a portfolio of retail parks throughout the UK. The partnership has jointly committed enough equity to enable the acquisition of a gross portfolio valued at 拢250 mln (EUR 300 mln).
'Retail warehousing will prove to be one of the more resilient property sectors as it adapts and flexes to accommodate changing retailers' requirements in the future,' said Neil Varnham, a director at Pradera.
The partnership has also completed its first acquisition, the 150,000 sq ft (14,000 m2) Cardiff Gate Retail Park northeast of the city centre. The park is anchored by B&Q and three furniture outlets including DFS and a McDonald鈥檚 drive through. Deutsche Postbank has provided senior debt to the partnership.
Savills acted for the vendor and Edgerley Simpson Howe acted for the Brockton Pradera partnership.
