UK - Four fund managers have teamed up to buy 19 retail parks and development sites from retail giant Kingfisher for £695m.
The consortium – which comprises Schroder Property Investment Management, Morley Fund Management, Capital & Regional and Pillar Property, – bought the properties from Kingfisher’s Chartwell subsidiary.
Schroders’ Hercules Unit Trust will acquire four retail parks at Glasgow, Newcastle, Walsall and Guildford as part of the deal. The Hercules portfolio now comprises 28 retail parks totalling over 5m sq ft with a gross value of £1.8bn.
Pillar has acquired two development sites, one at Farnborough and the other being the M8 Shopping Park in Manchester.
Morley will take over nine properties based in Cardiff, Bristol, Crawley, Worthing, London and Brighton.
Lastly, Capital & Regional will acquire four retail parks on behalf of its clients in Bristol, Glasgow and Worcester as well as a development site in Stoke-on-Trent.
The consortium was advised by Smith Price and Wilkinson Williams, while Kingfisher was advised by CB Hillier Parker and Credit Suisse First Boston.
Separately, HUT has paid Credit Suisse Property Investment Management Limited £28.55m for two Oxford-based properties.
HUT has acquired the freehold to the Oxford Retail Park and the long leasehold interest in the Cowley-based Chiltern Business Centre.
An unnamed London-based employer has been hit with a £350,000 fine from The Pensions Regulator (TPR) for failing to fully comply with its pension duties.
XPS Pensions has enhanced its fiduciary management selection service in order to help trustees through initial selection and mandatory re-tendering.
One in five defined benefit (DB) schemes are in The Pension Regulator's (TPR) weakest two categories, analysis by Hymans Robertson has revealed.
State Street Global Advisors (SSGA) has been selected as the first index manager for the Asset Management Exchange's (AMX) passive funds.