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Property giant announce deal to buy Meadows retail park
PROPERTY giant Schroders has completed a whopping £20million deal to buy a city centre retail park
Schroders, who own and manage £10.6billion worth of property across the world, announced a deal for the park - built in 1995 - with former owners Orchard Street Investments on Tuesday.
The firm was unable to reveal investment plans for the park so soon after the deal being struck but said the centre, which already boasts giant retailers Argos, Yates, Maplin, Blacks and Mothercare was well placed to benefit from the city centre’s development plans.
Meadows has links to Springfield Road and the High Street. John Lewis is set to open a £15million store on nearby Bond Street next year.
James Lass, Schroder Property Fund Manager, said: "The Meadows Retail Park further strengthens Schroder UK Property Fund’s position as a leading investor in the South East retail park sector.
"It provides us with several significant active management opportunities and supports our long standing strategy of buying well located in-town retail parks in key affluent areas with units let off low base rents to retailers who trade well from the location."