Aberdeen acquires West Midlands retail park for almost £70m
Aberdeen Investments, acting on behalf of the Standard Life Pooled Pension Property Fund, has acquired a retail park in the West Midlands for £69.6m.
The fund has purchased Sears Retail Park in Solihull, which extends to 136,300 sq ft and is anchored by Next and Marks & Spencer.
Other retailers at the scheme include TkMaxx, Homesense, Boots, and Mountain Warehouse.
The acquisition is the fund’s second such investment in the past 12 months, after it acquired the Tandem Centre in Colliers Wood in 2024.
David Stewart, fund manager at Aberdeen Investments, said: “There remain some good opportunities in retail parks where occupational costs have been rebased. Retailer demand for key locations is robust and yields remain relatively attractive.
“This asset has all these attributes and reflects our strategy of acquiring prime assets where we can add value through our proven asset management capabilities and strong retailer relationships. It is an excellent addition to the fund’s portfolio.”