Redevco adds to Brighton holdings
Published: 21 December, 2016
Redevco completes second deal in Brighton taking total purchases in city to £72m
European retail real estate investment manager Redevco has bought a mixed-use high street property in Brighton for in excess of £14m. The property at 38-42 East Street is adjacent to the 1.3-acre Hanningtons Estate which Redevco bought in 2015.
The 19,305-sq ft property consists of five retail units currently occupied by Sandro, Maje, Estée Lauder, Lush and Pret A Manger with office and residential units in the four upper floors.
Andrew Vaughan, CEO of Redevco said: “Redevco’s acquisition in East Street brings Brighton’s original larger Hanningtons department store back under single ownership. We are transforming the Hanningtons Estate, a historically important retail destination, and creating a new Brighton 'Lane’ over the next two years. These investments will greatly improve the shopping experience in this area for residents and visitors to the city.”
Fawcett Mead acted on behalf of Redevco and KLM Retail acted for the vendor, CBRE Global Investors.