Abrdn sells its stake in Βournemouth based retail park
A joint venture will take control of the asset management.
Delancey and Columbia Threadneedle Investments have acquired a 50% stake in Castlepoint Shopping Park from Abrdn, taking full ownership of the property.
Post acquisition, both Delancey and Columbia Threadneedle will hold a 50% stake each with a 50:50 joint venture.
The joint venture will take control of the asset management.
Developed in 2003 on 41-acre site in Bournemouth, Castlepoint Shopping Park comprises 645,000ft² of open retail and food store use space on two levels, with 3,000 car parking spaces.
Delancey and Columbia Threadneedle expect to conclude ongoing car park remediation works at Castlepoint, which will continue to be undertaken by the same contractor and are on target to complete in early 2023.