Following the transaction, and combined with existing stakes, the Park is now owned 50:50 in a joint venture which will take control of the asset management, a role previously held by abrdn.
Built in 2003, Castlepoint is one of the UK’s largest shopping parks, with 63.500 sq m of retail space and over 3,000 car parking spaces on a 36-acre site. Anchor tenants include Marks & Spencer, Sainsbury’s, Asda, B&Q and Next, alongside a further 31 units.
The JV will continue with a programme to enhance the tenant mix and maximise the potential of a best-in-class retail destination. The JV is committed to conclude the ongoing car park remediation works at Castlepoint, that 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.”