Invesco Real Estate, the global real estate investment manager, represented by Savills, has acquired a Morrisons supermarket in Colindale, London, from Aberdeen Standard Investments for £42.8 million.
Invesco Real Estate, the global real estate investment manager, represented by Savills, has acquired a Morrisons supermarket in Colindale, London, from Aberdeen Standard Investments for £42.8 million.
The modern 81,336 sq ft (7,556 sq m) foodstore is let to Morrisons on a 35-year lease with five yearly RPI linked rent reviews. The store is part of a £150 million community development in Colindale and benefits from a catchment area with a population of over 100,000 people.
Jaime Dunster, investment director at Savills, comments: “We are delighted to have acquired this well positioned purpose built supermarket for our client. The London location, long unexpired lease to Morissons and RPI reviews make it an attractive asset, particularly in an investment climate where income with uplifts is highly prized, especially in a London context.”
Rob Johnston, Senior Director – UK Transactions at Invesco Real Estate, adds: “The asset fulfils our underlying investor’s requirement for a long, secure income stream with indexation in a core location and we are pleased to have secured this opportunity, which fits well within their existing portfolio of index-linked assets, in what is becoming an increasingly sought after asset class.”
Colliers International represented Aberdeen Standard Investments.