Redevco UK sells distribution centre and three retail stores

REDEVCO UK, the privately owned property investment and development company has disposed of the last remaining former C & A distribution centre in Woking for €12.9 m to industrial specialist Astral Developments for it’s Big Shed Fund set up with the Blackstone Group.

The fund has bought the 10 acre site and has secured planning permission to build a single speculative shed of 16,760 square metres. REDEVCO had previously leased the former C & A distribution centre in Rochdale to TK Maxx and sold a further distribution centre in Higham’s Park, London to Tesco supermarkets Plc.

Further sales include disposing of a retail store let to Next in the Eastgate Centre, Inverness to the Royal and Sun Alliance for €7.96 m. The store is let for a further 18 years at a passing rental of €558,000 per annum.

A sale has also been concluded on a store at 51 Scotch Street, Carlisle for €7.25 m. The store was purchased by Morley and let to Littlewoods for a further 21 years at a passing rental of €637,000 per annum.

In addition a local property developer has acquired a retail store on Commercial Road, Bournemouth for €3.85 m. The property is currently vacant.

These sales bring the total number of properties sold by REDEVCO UK this year to 21 with total sale proceeds exceeding €100 m. Andrew Vaughan, Managing Director of REDEVCO UK commented “we continue to actively trade our portfolio in order to diversify and are concentrating on future opportunities in high street; retail and city centre offices in Central London and the major regional cities”.

(source: Redevco UK)

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