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LONDON-Redevco, the property company that emerged from the ashes of the Brenninkmeyer family’s C&A retail operation in the UK, has sold ten former C&A stores to Standard Life for £51.4 million ($82 million). The portfolio includes properties in Colchester; East Kilbride; Gateshead; Grimsby; Harrow; Huddersfield; Leeds; Luton; Oldham and Warrington and produces a net rental income of £3.638 million ($5.75 million).

This is the second deal between the two. In June 2002 Standard Life bought another ten stores from Redevco for £28.3 million ($45 million). The latest batch of stores are all held on long leases in dominant shopping centres. Tenants include Next; Woolworths; Littlewoods; TK Maxx; Primark and H&M. The leases typically have more than 15 years unexpired.

Redevco UK Managing Director Andrew Vaughan said: “We continue to look for opportunities to acquire and actively trade the portfolio”. The deal was conducted principal-to-principal.

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