M&G Real Estate has announced the acquisition of the Selly Oak retail park, a major regeneration project in southwest Birmingham, UK.
On completion, the £94 mln (€107 mln) scheme will provide 190,000 sq ft (17,650 m2) of high-quality retail space.
The deal marks a second partnership with West Yorkshire Pension Fund in under a year following a three-party joint venture in July 2017 alongside an Asian investor to acquire a £105 mln central Manchester office building.
The park is almost completely pre-let to national retailers such as Sainsbury’s, Marks & Spencer, JD Sports, Superdrug and Nandos.
Louise Warden, property investment manager of West Yorkshire Pension Fund, said: 'This high-quality asset provides a secure income stream for our members in line with the pension funds’ long-term objectives and has the added advantage of providing socio-economic benefits to Birmingham and the UK.'
Martin Towns, head of Capital Solutions, M&G Real Estate, commented: 'There is an increasing trend in global real estate for large institutional and sovereign wealth investors to partner with established fund management companies through joint ventures and separate accounts.'