Investment managers caught up in shopping centre frenzy

 
Kasmira Jefford
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M&G and Standard Life separately brought shopping centres in Kent and Durham.
Demand from institutional investors for UK retail assets continued unabated yesterday after M&G and Standard Life separately snapped up shopping centres in Kent and Durham.

M&G Real Estate has bought Fremlin Walk in Maidstone from Legal & General Property for £110m. The deal follows its acquisition of Parc Trostre in Wales for £156m this summer.

Meanwhile, Standard Life Investments said it had snapped up Bishop Auckland Shopping Park in Durham for £23.6m.

Shopping centres have been caught up in a frenzy of activity this year, with deal volumes ex­p­e­ct­ed to hit £6.5bn compared with £3.8bn in 2013, according to Savills. The property adviser said: “Institutional investors specif­ically have shown an appetite for shopping centre assets, driven by the continued increase in cash inflows and the sheer weight of money available.”

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