Financial details were not disclosed.

Aviva Investors said the deals fit with its strategy of acquiring assets that can offer strong long-term rental growth for client portfolios.

Spanning more than 100,000 ft2 (9,300 m2) and split between four retail warehouse units on an eight-acre site, Hedge End Retail Park is well-situated in an established retail cluster to the east of Southampton.

The retail park houses a number of household names, including Currys, Lidl, and Pets At Home. It is well located for local, regional and national transport, sitting adjacent to the M27 and M3 road networks.

Aviva Investors plans to improve the Park’s sustainability credentials through the addition of electric vehicle (EV) charging points across the estate, adding to existing measures which include solar panels on two units and a green roof installed on a further building.

The Asda superstore acquired by Aviva Investors is located in Hayes, Middlesex, and is a purpose-built facility totalling more than 85,000 ft2. It is currently let to Asda Stores Ltd on a 25-year term which expires in 2040 and is subject to a five-yearly review.

The store benefits from excellent transport links being a short walk from the Crossrail station at Hayes & Harlington, whilst the M4 and M25 motorway networks are within 10 minutes’ drive and Heathrow Airport just 15 minutes away. It was awarded an EPC A rating and has 625 PV solar panels installed.

James Stevens, head of real estate investments at Aviva Investors, said: 'These deals highlight our position as a strategic buyer, and to act with agility in response to repricing in the market.

'Non-discretionary retail such as food and groceries is a strong defensive asset class against the macroeconomic backdrop. We believe both of these investments can offer strong growth performance, particularly given the current discount in pricing.'

Savills and Hampson Wall acted on behalf of Aviva Investors for its acquisition of Hedge End Retail Park and Asda, Hayes, respectively.