Baumont Real Estate Capital has completed its second investment in the UK and the first with operating partner, Ediston Properties, acquiring Hermiston Gait Retail Park in Edinburgh from Aberdeen Standard Investments for a price in the region of £65 mln (€78 mln).
The retail park is located to the west of the city centre and provides 306,000 sq ft (38,500 m2) of retail warehouse accommodation across 13 units. It is anchored by Tesco and B&Q with other national retailers including TK Maxx, Decathlon, Wren Kitchens and Costa.
Natalie Harrison, UK investment director at Baumont, said: 'The park benefits from many appealing attributes including the relative defensiveness of the majority of tenants to internet shopping, significant residential development in the area planned over the next 10 years and opportunities to improve the tenant line up with the letting of the vacant units.'
Savills advised the vendor and Coates and Co advised the purchaser.
Baumont is an independent real estate private equity firm founded in 2017 by Robert Balick, Frédéric Laurent, Serge Maton and Eric Salmon to invest in value creation and arbitrage opportunities across Western Europe with a focus on France and the UK.