Redevco, one of Europe’s largest privately-owned real estate managers, has completed the sale of the Hanningtons Estate mixed-use retail-led scheme in Brighton to The Baron Homes Corporation.
Knight Frank was mandated on the sale of the fully leased 150,000-square-foot mixed-use development last year seeking around £57 million or a 6.5% net initial yield. Baron is understood to be paying around £50 million. The group is a major landlord in the South Coast city.
Redevco bought the estate from Royal Bank of Scotland in 2015 and pursued a mixed-use makeover including the creation of a new Brighton ‘Lane’ comprising shops, apartments and offices.
The portfolio acquired by Redevco, around the site of the former Hanningtons department store, comprised nine adjoining and interconnecting buildings with 29 shops totalling over 70,000 square feet, 19,375 square feet of offices and 41 residential units totalling 33,637 square feet.
Redevco has been busily pursuing a series of new strategies under its chief executive Neil Slater.
At the end of 2024 it completed a major move into UK retail parks buying an £518 million portfolio from Oxford Properties, as reported.
Knight Frank advised Redevco.