Crown Estate Buys UK Retail Properties
The Crown Estate has agreed to purchase Ocean Retail Park in Portsmouth from The Junction Fund for £61 million (€69 million). The property totals 15,800 square metres of retail space, and tenants include Curry’s, Homebase, PC World and Toys ‘R Us.
“We have invested over £260 million in retail warehousing in the last year, adding to our critical mass in high-quality out-of-town retail, and seeking opportunities to maximise returns through active asset management,” comments James Cooksey, head of the regional portfolio at The Crown Estate. “We take a long-term view to enhancing the value of our assets, and crucial to this is our partnership approach with retailers and stakeholders.”
The Crown Estate has also purchased Apsley Mills Retail Park in Hemel Hempstead from Invesco Real Estate for £35 million (€39.7 million). Invesco Real Estate acquired the property in 2008 on behalf of a US pension fund client. The retail warehouse asset comprises approximat