Deutsche Asset Management buys Palace Gardens shopping centre
Deutsche Asset Management has bought Palace Gardens shopping centre in Enfield, North 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 more than £50m. The deal follows last year’s purchase of the adjoining Palace Exchange shopping centre.
Comprising more than 220,000 sq ft, the convenience-led centre includes tenants such as Marks & Spencer, Waitrose and Boots.
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.”
Jackson Criss represented DAM.
