Redevco has exchanged to buy a portfolio of UK retail parks for around £520 million or a circa 6% yield from Oxford Properties and M7 Real Estate.
The privately owned Amsterdam-headquartered real estate management giant is buying 16 near fully occupied retail warehouses in one of the largest transactions in the sector.
The deal, Redevco's first retail park acquisitions in the UK, was first revealed by Green Street News.
The portfolio was pieced together by M7’s Box+ III fund. Canadian investment giant Oxford Properties bought M7 in 2021, as reported, principally to build a European logistics portfolio of scale.
The portfolio comprises: Euro Retail Park, Ipswich; Hailsham Retail Park, Hailsham; Weston Retail Park, Weston-super-Mare; Imperial Retail Park, Gravesend; St Peters Wharf Retail Park, Maidstone; Pompey Centre, Portsmouth; Chelmer Village Retail Park, Chelmsford; Bolton Gate, Bolton; West One Retail Park, Manchester; B&M and Hobbycraft, Tunbridge Wells; Gapton Hall, Great Yarmouth; Halfords and Homebase, Staines; Homebase, Colcester; Neat Court Retail Park, Queensborough; Poole Retail Park, Poole; and Parc Pemberton Retail Park, Llanelli.
In the UK, Redevco, whose chief executive is former Abrdn chief Neil Slater, is pursuing a major retail and office redevelopment at 376-384 Oxford Street in London's West End, as well as a 350-home development in Finnieston in Glasgow, The Hanningtons mixed-use retail-led destination in Brighton, and the Templars Square shopping centre redevelopment in Oxford. Cofra Holding is Redevco’s majority shareholder.
Savills is representing Oxford Properties.
The parties declined to comment.