Teachers Invests $150 Mil In UK Retail Parks Through Grantchester Joint Venture

LONDON-Teachers Insurance and Annuity Association has launched a limited partnership with specialist retail park investor Grantchester, giving it exposure to the UK out-of-town retail sector. To kickstart the new fund Grantchester has sold Teachers three parks in Birmingham, Norwich and Falkirk for £107.4 million ($157 million).

The three parks are Battery Retail Park, Birmingham; Central Retail Park, Falkirk and Sprowston Retail Park, Norwich. They comprise over 600,000 sf of prime space generating annual income of £6.24 million ($9.1 million). The final price paid depends on the progress of lettings at the Central Retail Park, Falkirk, but the maximum Teachers will pay is another £20 million ($29 million).