Realty Income Corporation, the dominant listed American investor in retail parks, supermarkets and shopping centres across the UK, has completed the acquisition of eight more retail parks from Tristan Capital for around £260 million or a 7.7% net initial yield.
In the last few weeks, Realty has bought a 683,000-square-foot portfolio of parks. They are: Brooklands Retail Park in Cardiff; Cardiff Gate, Cardiff; Great Eastern Way Retail Park in Rotherham; Ravenside Retail Park in Erdington; 28 East Retail Park in Newport; Hylton Riverside in Sunderland; Riverside Retail Park in Warrington; and Hatters Way in Luton. Some of the parks were bought by Tristan as part of a £250 million portfolio acquisition, Project Kelvin, in 2017 from Brockton Everlast.
US real estate investment trust Realty Income, led by former investment banker Sumit Roy, has been the most active buyer of long-lease supermarkets and retail parks in the UK since entering the market in 2019 when it bought 12 Sainsbury’s supermarkets, jointly owned by British Land, for £429 million. It has spent more than £2 billion buying supermarkets, DIY stores and more than 30 retail parks.
In its last quarterly results of 31 March 2026, it said it had invested nearly $17 billion in real estate in the UK and continental Europe since May 2019 and had 387 properties in the UK. In total it had a portfolio of over 15,500 properties in all 50 US states, the United Kingdom, and eight other countries in Europe.
At the end of last year it entered the UK shopping centre market with the circa £150 million acquisition of the The Lexicon in Bracknell.
According to Cushman & Wakefield's first quarter figures for out-of-town retail investment in the UK, volumes rose by circa 20% quarter-on-quarter to £708 million. Despite this short-term improvement, it says volumes remain 13% below Q1 2025 levels, reflecting an ongoing shortage of available stock rather than a lack of investor appetite.
Savills advised Tristan Capital, while Metre Capital advised Realty.