Abrdn closes Colliers Wood retail park acquisition

Abrdn has completed a deal to buy a retail park in Colliers Wood, south-west London, for £60.8m from LaSalle Investment Management. The Tandem Centre, SW19, was acquired on behalf of the Standard Life Pooled Pension Property Fund, of which Abrdn is the discretionary fund manager. The location provides 118,079 sq ft of retail warehouse space across 16 units, on a freehold 7.7-acre site. The centre is fully let to occupiers including Lidl and Next. The retail park was sold with scope for various asset management opportunities, including the potential for alternative land uses over the longer term. David Stewart, fund manager of the Standard Life Pooled Pension Property Fund, said: “Having successfully sold out of low-yielding industrial and provincial retail parks at the peak of the market in 2022, we are pleased to be reinvesting back into stronger higher-yielding London assets. “The Tandem Centre is the second such acquisition this year and complements the other larger-scale urban retail parks within the fund. We are excited by the opportunities to drive the asset forward.” Knight Frank advised Abrdn; Park Place Retail acted on behalf of the vendor.