M&G Real Estate has acquired Selly Oak Retail Park, a major regeneration project in southwest Birmingham, England.
On completion, the £94 million ($125 million) scheme will provide 190,000-square-feet of high-quality retail space in the affluent suburb of Selly Oak.
“This high-quality asset provides a secure income stream for our members in line with the pension fund’s long-term objectives and has the added advantage of providing socioeconomic benefits to Birmingham and the United Kingdom,” said Louise Warden, property investment manager of West Yorkshire Pension Fund.
The acquisition was made on behalf M&G Real Estate’s Capital Solutions business under the leadership of Martin Towns.
The deal marks a second partnership with West Yorkshire Pension Fund in under a year following a three-party joint venture in July 2017 alongside an Asian Investor to acquire a £105 million ($140 million) central Manchester office building.
Both dea
