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.
A spokesperson for Delancey commented: “Having been invested in Castlepoint Shopping Park since 2010, we understand the asset and see further opportunities for it. We look forward to working alongside our JV partner to maximise its potential for retailers and shoppers, taking its place as a leading shopping destination befitting of its scale and regional dominance. Completion of the acquisition allows the JV to review the tenant mix in light of changing consumer habits.”