Cordea Savills has bought Stechford Retail Park in Birmingham for £26m on behalf of its European retail fund.
The seller was Lumina Real Estate Capital, a boutique real estate investment company.
The retail park includes 100,000 sq ft of space over 11 units, which are let to discount fashion, homeware, pet supplies, electronics, home furnishings and fast food retailers.
Cordea Savills director of investment Ian Jones commented: “Stechford Retail Park has an attractive blend of tenant types and lease lengths, with more than 90% of income at a minimum or lower than average risk of failure. There is strong retailer demand for the centre so it can be proactively managed to create further opportunities. It is a valuable addition to our European retail fund, which is diversified both regionally and across retail segments, and will complement last year’s acquisitions in Paris, Berlin, and Glasgow.”
Lumina Real Estate Capital managing director Sassan Ahsani said: “Having acquired Stechford Retail Park in 2011 as part of our asset management strategy, we have enhanced the tenant line-up to strengthen the retail park’s overall covenants and drive footfall. Furthermore, we broadened the planning consent for the retail park. We have been able to deliver superior returns to investors ahead of time and in excess of our return target.’’
Cordea Savills was advised by Chapman Petrie and Sladen Capital Partners.
