AEW’s Urban Real Estate Fund (UREF) has acquired the Windsor Royal Station shopping centre and the adjoining 1 Thames Street property for £18.5m.
The 74,200 sq ft scheme sits adjacent to Windsor Yards, which UREF acquired in 2021.
Forming part of Windsor & Eton Central train station and situated opposite Windsor Castle, the Grade II-listed building was originally built for the exclusive use of the Royal Family.
The scheme’s retail tenants include Hobbs, Whistles, Phase Eight, Jigsaw, Space NK, Jo Malone, Sweaty Betty and Mint Velvet, whilst its food and beverage offering is led by Bills, Five Guys, and All Bar One.
AEW said the acquisition represents the completion of UREF’s acquisition phase. Last July, AEW raised £171m for UREF from investors and secured a £30m debt facility. The fund had already invested £133m in nine assets by this point.
Charles Royle, portfolio manager of UREF, said: “We are pleased to have secured the purchase of Windsor Royal, which completes the acquisition phase of the Fund. Windsor Royal is our second asset in Windsor having acquired Windsor Yards in 2021.
“We look forward to continuing the proposed transformation of Windsor town centre in partnership with occupiers, local stakeholders and the Royal Borough of Windsor and Maidenhead.”
TT&G acted for AEW whilst JLL represented the vendor.