Royal London Asset Management (RLAM), on behalf of The Royal London Mutual Insurance Society Limited, has sold the Bath Road Shopping Park in Slough, to SEGRO plc for £120.25 million. Royal London acquired the property in January 2016 from The Crown Estate.
The retail park is situated approximately 2 miles to the west of Slough town centre on the north side of the A4, in close proximity to Junction 7 of the M4. The property comprises 10 units and extends to approximately 191,500 sq ft. The scheme includes four vacant units, previously occupied by Furniture Village, Outfit, Mothercare and Argos. At the same time as the disposal to SEGRO, Royal London also sold the drive thru’ restaurant that fronts the site to the tenant, McDonalds, for £3.5m.
Elise Buchanan, Senior Asset Manager at Royal London Asset Management commented:
“Royal London is delighted to announce the sale of the Bath Road Shopping Park, Slough. In a challenging market, the price achieved reflects a premium to the existing use value”.
Stephanie Hacking, Portfolio Fund Manager for the Royal London Pension Property Fund that sold the asset commented: “This is an excellent sale in a difficult market at a price that is accretive to fund performance. The sale will allow the fund to recycle capital into other sectors that we consider offer better future performance prospects”.
CBRE and GunnerCooke advised Royal London. SEGRO was represented by Knight Frank and CMS.
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