Legal & General acquires Poole Tesco from Abrdn for £46.1m

A fund managed by Legal & General Investment Management (LGIM) has acquired a Tesco supermarket in Poole from clients of Abrdn for £46.1m.

The 95,000 sq ft store is located at the heart of the Poole-Bournemouth conurbation, and is supplemented by a 16-pump petrol station and a 599-space car park. In addition, 19 delivery vans operate from the store as well as a substantial click-and-collect facility.

The property is let to Tesco for a further seven years, with the rent subject to annual uplifts in line with the retail price index of 0-4%.

Abrdn was advised by Morgan Williams, whilst Montagu Evans advised L&G. 

Rob Codling, senior fund manager of LGIM said: “This is a great acquisition for the fund, which we believe will provide a strong return for our investors. The store is well located and its prospects of continued high-performance, suits the long-term investment objectives of our clients.”

Mark Girling, partner and supermarket investment specialist at Montagu Evans, added: “The purchase is attractive to our client firstly due to the well located and accessible site at the centre of the Poole Bournemouth conurbation, secondly being a strong trading store for both physical and online sales and thirdly, having the benefit of annual inflation proofed income secured on the investment grade credit of Tesco Stores Limited. This profile fulfils the client fund’s income and fundamental asset quality requirements at the present time.”