Hines Global Income Trust has completed the acquisition of the The Peel Centre, a retail park located in Bracknell in the South East from Landsec for £49 million.
The retail park comprises 168,000 square feet of net rentable area with tenants including Home Bargains, Tapi Carpets, Consol Suncentre and Pets At Home.
Landsec first listed the retail park and adjoining Morrisons for sale in 2019 via Morgan Williams seeking around £65 million. It has been seeking to sell out of what it considers non-core assets including retail and leisure parks, hotels and some offices as it focuses investment on residential and super regional shopping centres.
Global real estate investment manager Hines has been busy buying UK retail parks recently. It completed a £54.6 million deal with Tritax Big Box to buy Junction 27, an out-of-town retail park in Leeds, on behalf of its Global Income Trust, earlier this year in a deal it said highlighted its "commitment to diversification by geography and real estate sectors".
It was the second retail park deal for Hines in as many weeks after it clinched a £50.75 million deal for Sheffield's Drakehouse Retail Park from 90 North Real Estate Partners, reflecting a net initial yield of 7%, earlier this month.
Hines confirmed the acquisition of the Peel Centre in a stock market filing in the US but did not comment further. Landsec did not comment.