Abrdn acquires £61m London retail park

Abrdn said it completed the acquisition of the Tandem Centre, a premier retail park in Colliers Wood, South London, for £60.8 million from LaSalle Investment Management.

“The Tandem Centre is a prominent retail destination in South London, encompassing 118,079 sq ft of retail warehouse space across 16 units on a freehold 7.68-acre site,” said Abrdn.

“The acquisition was made on behalf of the Standard Life Pooled Pension Property Fund, of which Abrdn is the discretionary fund manager.

“The centre is fully let to a diverse mix of complementary leading retailers, including Lidl and Next.

“The asset presents various asset management opportunities.

“Located just 8 miles from Central London, it serves a large and affluent catchment area and provides the opportunity for both alternative, and the intensification, of land uses at the site over the longer term.”

David Stewart, Fund Manager of the Standard Life Pooled Pension Property Fund, said: “We are very pleased to have secured the purchase of the Tandem Centre. Having successfully sold out of low yielding industrial and provincial retail parks at the peak of the market in 2022, we are pleased to be reinvesting back into stronger higher yielding London assets.

“The Tandem Centre is the second such acquisition this year and compliments the other larger scale urban Retail Parks within the fund. We are excited by the opportunities to drive the asset forward.”