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M&G Purchase Birmingham Site

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

M&G Real Estate have snapped up a retail park due to open in Birmingham later this year for £94 million, which will also contain a block of student accommodation.

The property investor has acquired Selly Oak Shopping Park which is being developed on the old Battery Park site. Harvest Partnership sold the site, which represents a joint venture between Landsec and supermarket chain Sainsbury's, who are opening a new store on the retail park.

Last year Harvest Partnership sold a planned block of student accommodation on site to Unite for £37 million.

Landsec will continue to develop both the retail units and the student accommodation before existing the scheme upon practical completion.

Selly Oak Shopping Park is due to open this year with the 424-bed student accommodation being completed in time for the 2019-20 academic year.

The purchase of the site has been carried out as a joint venture between M&G Real Estate and West Yorkshire Pension Fund.

Commenting on the acquisition, investment manager for the fund, Louise Warden 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."

"We are delighted to have again partnered with the experienced team at M&G Real Estate on this transaction."