Capital & Regional will manage the property, and turn it into a new destination under its Junction banner, although it will not be owned directly by The Junction Limited Partnership. Instead, a new limited partnership called The Junction Thurrock Limited Partnership has been formed, 65% owned by The Junction Limited Partnership and 35% owned by clients of Aberdeen Property Investors.
It is this new partnership that has acquired Lakeside Extra for £44.86 million ($74 million) from The Junction Limited Partnership, the Tunnel Retail Park from clients of API for £21.293 million ($35 million) and the West Thurrock Retail Park from AXA Real Estate Investment Managers £34.75 million ($57 million) . This consolidates the ownership of 440,000 sf of retail warehouse space and the objective is to create the dominant destination park in Thurrock, where the other major landowner is Land Securities.
Andrew Lewis-Pratt, Chief Executive of The Junction Properties said: "We are pleased to work in partnership with API to create one of the largest retail park destinations in the UK and the intention is to completely refurbish the parks to create a Junction branded scheme."
Insignia Richard Ellis and King Sturge acted for API and The Junction and CB Hillier Parker acted for AXA.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.