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Cantium sells Sussex retail park

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Cantium Developments has sold the Acorn Retail Park development in Crawley, West Sussex, for £19.5m.

The Palmer Capital-backed company has forward-sold the asset to clients of Aberdeen Asset Management at a price reflecting a 4.75% yield.

Aberdeen will act as funding partner throughout the development project.

The 42,001 sq ft scheme has been entirely prelet at rents of between £21 and £25 per sq ft to M&S Simply Food, Aldi and Smyths Toys.

The retail park is located off London Road and is adjacent to County Oak Retail Park, between Gatwick Airport and Crawley town centre.

Cantium was advised by JLL; Aberdeen Asset Management was advised by CWM.

Author: David Hatcher, Estates Gazette