A retail park in the West Midlands has been sold for £69.6 million.
Sears Retail Park, in Solihull, has been bought by Aberdeen Investments on behalf of the Standard Life Pooled Pension Property Fund.
The park in Oakenshaw Rd, west of Solihull town centre, comprises a mix of accommodation covering a total of 136,300 sq ft and is anchored by Marks & Spencer and Next.
Other tenants include TKMaxx, Homesense, Boots and Mountain Warehouse.
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David Stewart, fund manager with Aberdeen Investments, said: "There remain some good opportunities in retail parks where occupational costs have been rebased.
"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 Standard Life Pooled Pension Property Fund is a £1.77 billion fund investing in Ƶ real estate.
Sears Retail Park is the second such investment for the fund in the last 12 months, having acquired the Tandem Centre in south London last year.
The seller was undisclosed.
