Newcore Capital has acquired a 22,662m2 supermarket investment in Bromley-by-Bow, East London, from British Land for €35.1m.
The site, which sits within the London Borough of Tower Hamlets, currently comprises a 6,503m2 Tesco supermarket, a 558-space car park, and a petrol filling station. Morgan Williams and Osborne Clarke acted for British Land on the transaction. Savills and DWF acted for Newcore.
Harry Savory, CIO, Newcore Capital, said: “We are pleased to have purchased the Tesco Bromley-by-Bow and we are actively on the hunt for further covered land plays in strategic locations where there is a medium-term opportunity to enhance value through increased provision of social infrastructure uses – this is a key criteria for us, alongside the potential for strong risk-adjusted returns.”
Hugo Llewelyn, CEO, Newcore Capital, said: “With the deflationary impact of the internet continuing to disrupt offices and retail, previously the mainstay of institutional investment in real estate, investors are increasingly looking for exposure to asset classes that demonstrate resilience to technological change. We see the broad spectrum of social infrastructure as presenting one route for institutional capital seeking sustainable income and capital value growth and the ability to deliver tangible positive impact.”
Image provided by Monfort.
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