SEGRO in £120m retail park deal
SEGRO has completed the acquisition of Bath Road Shopping Park in Slough.
The £120m deal sees the real estate investment trust (REIT) take over the scheme from Royal London Asset Management, who purchased the site from The Crown Estate for £93.65m in 2016.
The retail park is located next to Slough Trading Estate and covers 194,000 sq ft. Comprising of 10 retail units, roughly a third of which are vacant, the scheme provides immediate opportunities for asset management or redevelopment initiatives, SEGRO said.
The remaining leases expire between 2023 and 2028.
“Land suitable for industrial development is in high demand and short supply in the Thames Valley and the relatively short lease terms of the retail units creates an opportunity to redevelop the site into modern warehousing suited to a variety of users, including data centres”, said the REIT.
SEGRO was represented by Knight Frank and CMS. CBRE and GunnerCooke advised Royal London.