Legal & General (L&G) Property has bought Meadowhall Retail Park in Sheffield in the north of England from Standard Life Investments UK Retail Park Trust for £39.5m.
The retail park is home to a number of major stores. It has 215,000 sq ft of purpose-built retail space and is 95% let.
Mark Russell, senior fund manager at Legal & General's managed property fund, said, "The acquisition of Meadowhall Retail Park supports the fund's strategy to acquire strong assets that offer quality income and further potential to add value through active asset management initiatives."
L&G has made a number of real estate investments in the past few months. Earlier this week it announced a joint venture partnership with developer Rightacres to realise the £400m ($620m) Central Square regeneration scheme in Cardiff, Wales (IAR, 22 September, L&G invests in £400m Cardiff regeneration project).
For some of the other L&G deals this year, see:
L&G and M&G complete more property deals
Legal & General Property buys office and hotel in Birmingham