Fund manager Brockton Capital has teamed up with fund and asset manager Pradera to invest around £250m in first generation retail parks.
In what will be Brockton’s first foray into the out-of-town market, the pair aim to build up a portfolio of between five and eight retail warehouses.
The joint venture will focus attention on early generation retail warehouse parks that require fresh capital for refurbishment and repositioning, to make them more relevant for today’s retailers.
The pair hope to take advantage of historically advantageous pricing and have just completed their first purchase, Cardiff Gate Retail Park. Among the tenants at the scheme are B&Q, DFS, Harveys and McDonald’s.
Neil Varnham, a director at Pradera added; “Retail Warehousing will prove to be one of the most resilient property sectors, as it adapts and flexes to accommodate changing retailers’ requirements in the future.”
Savills advised Scottish Widows at Cardiff Gate; Edgerley Simpson Howe advised Pradera and Brockton Capital.