Altrincham Retail Park has changed hands as part of an £88 million deal.
US investment firm Hines has bought the 228,000 sq ft park from St James’s Place. The tenants include Lidl, Boots, B&Q and B&M.
The Altrincham site was the largest of three retail parks Hines has acquired for its European Core Fund. The others are in Edinburgh and London. Hines is understood to have paid a combined £88 million for the Altrincham and Edinburgh parks. The London price has not been disclosed.
The park last changed hands in 2017, when the Crown Estate sold it for £63 million.
Altrincham Today reported at the time that it was no longer owned by the Crown Estate, which had held the site since the mid-1990s.
St James’s Place has since been winding down its property funds.
Ross Blair, head of western Europe at Hines, said the firm was focused on “picking the right assets and executing well” and believed the parks had “strong fundamentals with clear opportunities to create value over time”.
