Redevco, one of Europe’s largest privately-owned real estate managers with approximately €10 billion of assets under management, has continued a busy period under new chief executive Neil Slater by bringing to market its Hanningtons Estate mixed-use retail-led scheme in Brighton seeking £57 million or a 6.5% net initial yield, CoStar News understands.
Knight Frank has been mandated on the sale of the fully leased 150,000-square-foot mixed-use development. Redevco bought the estate from Royal Bank of Scotland in 2015 and pursued a mixed-use makeover including the creation of a new Brighton ‘Lane’ comprising shops, apartments and offices.
The portfolio acquired by Redevco, around the site of the former Hanningtons department store, comprised nine adjoining and interconnecting buildings with 29 shops totalling over 70,000 square feet, 19,375 square feet of offices and 41 residential units totalling 33,637 square feet.
Redevco has been busily pursuing a series of new strategies under its recently appointed chief executive Neil Slater. This week it closed its first loan investment from its real estate debt platform. The £47.5 million facility will support the acquisition and refurbishment of a 56,000-square-foot office-led scheme at 10 Salisbury Square in the City of London, as reported.
At the end of last year it completed a major move into UK retail parks buying an £518 million portfolio from Oxford Properties, as reported.
For a video interview with Neil Slater about the group's latest strategy and the wider market by CoStar News and sister title Business Immo at Mipim, click here.
All parties declined to comment.