LDI REIT sells UK retail parks after Berlin sale
Six UK retail parks have changed hands as part of a £156.9 million transaction between London-based real estate investment trust RDI and M7 Real Estate Limited.
The portfolio comprises two locations in London: Priory Retail Park and The Arches in Watford, as well as Banbury Cross Retail Park, St Davids Retail Park in Bangor, Milton Road Retail Park in Edinburgh and Queens Drive Retail Park in Kilmarnock.
M7 acquired the assets on behalf of M7 Box+ II and the sale is anticipated to complete in mid-October.
The disposal is part of RDI’s ongoing portfolio repositioning and it follows the sale of the Schloss Strassen Center in Berlin for €65.5 million (£58.8m) to Benson Elliot, a UK-based private equity real estate fund manager, last Wednesday.
RDI is also negotiating deals to sell further German retail assets worth €50.5 million.
RDI is an income-focused UK real estate investment trust with a diversified portfolio invested principally in the UK. It has spent the past few years repositioning its portfolio to increase its presence in London and the South East and it currently owns two UK shopping centres, St. George’s in Harrow and West Orchards in Coventry.
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