Chambers Street Properties Sells Shopping Center in UK for $63M
- Jul 24, 2014
In order to focus its efforts on the industrial and office sector, Chambers Street Properties decided to sell its last retail property, Maskew Retail Park on the outskirts of Peterborough, United Kingdom, for $63 million.
A U.K. fund manager, Rockspring Property Investment Managers, bought the 144,400-square-foot shopping center on behalf of U.K. Value 2 L.P.
“Our long-term strategy has been to divest retail assets in order to concentrate our strategy on our core industrial and office portfolio … and this was a good time to sell,” Philip Kianka, executive vice president & COO, Chambers Street told Commercial Property Executive.
Chambers Street bought Maskew Retail Park in October 2008. It was the last remaining property in the company’s 35.8 million-square-foot portfolio.
The net lease real estate investment trust still owns five other properties in the U.K.: three warehouses/distribution centers and two office properties.
“We like the long- term fundamentals behind the warehouse/distribution property sector, especially as those fundamentals relate to the growth of e-commerce and global trade,” Kianka added.
And the proof is in the pudding. In December 2013, Chambers Street bought an 80 percent ownership interest in an 966,169 square foot warehouse/distribution property located in Lille, France. Then in February 2014, the company acquired 445 Airtech Parkway, a provider of warehousing and storage services, according to Reuters.
For the future, the company intends to continue seeking out opportunities in the warehouse/distribution sector and focus on adding further value to the portfolio through strong asset management and leasing, according to Kianka.
Chambers Street owns or has majority interest in 129 properties throughout 20 U.S. states, as well as France, Germany and the United Kingdom.