Aberdeen acquires Solihull retail park for £69.6m
Aberdeen Investments has acquired Sears Retail Park in Solihull for £69.6 million on behalf of the Standard Life Pooled Pension Property Fund, marking one of the UK’s most significant retail park transactions this year. The deal signals renewed institutional interest in prime out-of-town retail assets with resilient income streams and scope for long-term value creation.
The 12,660 sq m scheme, located on the A34 Stratford Road, is home to prominent national retailers, including Next, Marks & Spencer, TK Maxx, Homesense, Boots, and Mountain Warehouse. Starwood Capital’s Balanced Commercial Property Trust sold the property, which had only recently acquired it as part of a broader portfolio transaction. The rapid resale highlights ongoing liquidity and investor appetite in select segments of the retail property market.
The Balanced Commercial Property Trust is a UK-listed real estate fund acquired in 2024 by Starwood Capital, a major US private equity firm focused on global property and infrastructure.
“There remain some good opportunities in retail parks where occupational costs have been rebased,” said David Stewart, fund manager at Aberdeen Investments. “Retailer demand for key locations is robust, and yields remain relatively attractive.
“This asset has all these attributes and reflects our strategy of acquiring prime assets where we can add value through our proven asset management capabilities and strong retailer relationships. It is an excellent addition to the fund’s portfolio.”
The acquisition follows Aberdeen’s 2024 purchase of the Tandem Centre in Colliers Wood in London, reaffirming its strategic focus on dominant retail parks with stable occupier demand. Industry analysts note that investor sentiment towards retail parks has improved significantly, driven by resilient trading performance, repositioned rental levels and the enduring appeal of convenience-led retail formats.
Sears Retail Park is considered a prime asset within its catchment, benefiting from high visibility, strong footfall, and a tenant lineup weighted towards value and lifestyle brands. The site offers medium-term lease reversion opportunities and the potential for rental uplift, making it attractive for core-plus strategies targeting income and capital growth.
The park is one of the West Midlands’ more prominent retail destinations, situated in an affluent catchment with strong transport connectivity. Its tenant mix, location strength and ongoing consumer demand have underpinned consistently high occupancy levels. The property’s strong fundamentals and potential for repositioning made it a good fit for Aberdeen’s strategy of targeting assets that can deliver reliable performance in a changing retail market.
Aberdeen Investments, formerly abrdn, is a leading UK-based asset manager headquartered in Edinburgh. The firm manages a diversified global real estate portfolio across sectors, including office, retail, logistics, and alternatives, and it focuses on long-term, income-driven strategies.
The Standard Life Pooled Pension Property Fund is one of its flagship UK vehicles. It offers institutional investors access to a balanced mix of commercial property assets. It targets high-quality holdings in core locations and aims to deliver secure income and asset appreciation over time.
