Deutsche AM builds Enfield presence with circa £50m mall buy

By Paul Norman - Friday, January 12, 2018 13:25

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Deutsche Asset Management (Deutsche AM) has bought Palace Gardens Shopping Centre in Enfield, Greater London, on behalf of one of its German open ended real estate funds, from the Standard Life Investments UK Shopping Centre Trust in an off market transaction for a figure CoStar News understands to be circa £50m.

The deal follows the acquisition in 2016 of neighbouring property, Palace Exchange Shopping Centre, Enfield.

Comprising more than 220,000 sq ft, the convenience led centre includes tenants such as Marks & Spencer, Waitrose and Boots.

Deutsche AM said Palace Gardens benefits from "high occupancy and when coupled with Palace Exchange provides the main retail destination within the town centre" on the northern edge of Greater London.

Jessica Hardman, Head of UK Hub at Deutsche AM, said: “This is a great investment and fits in with our strategy to target integrated urban retail in major population centres where rents are affordable. Moreover, Enfield Palace Gardens presents a number of asset management initiatives which support the investment rationale.”

pnorman@costar.co.uk

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