The art of Kew Retail Park has been sold to a builder in a £ 41million deal that has been struck, in a move that could signal the arrival of new homes.
FTSE 250 UK Commercial Property Reit, which invests in office and warehouse space and has reduced its exposure to some retail real estate in recent years, said the deal was with a ‘home builder of prominent in the UK ”.
He did not list the buyer’s name, but real estate news website React News reported that the Berkeley Group is the buyer. Berkeley has been contacted for comment.
Across the 10-acre park, the company owned 4.7 acres comprising some 61,765 square feet spread across five properties that are fully leased on a short-term basis to a range of tenants including Boots, Sports Direct, Gap, Next and TK Maxx.
Will Fulton of Aberdeen Standard Investments, who manages and advises UK Commercial Property Reit, said: “The transaction allows us to take advantage of the strong demand for residential development opportunities and allows us to invest more in properties that generate income. income. ”
The company will receive a consideration of £ 41million for the asset, slightly below the book value for December 2020.