Goodness me, here’s a story that seems to have passed by unnoticed. It seems that The Moor has been sold from under our feet, with Aberdeen Standard Investments offloading the biggest asset in its property fund to New River real estate investment trust.
The deal was completed in December after being put on the market with an £89.4million price tag.
The Moor, once again installed as Sheffield’s foremost shopping street, accounted for seven per cent of the £1.3billion Aberdeen UK Property Fund.
Back in December, outflows from Aberdeen Standard’s fund spiked after investors were spooked following the suspension of rival manager M&G’s Property Portfolio. M&G was forced to suspend trading in its £2.5billion property fund after investors rushed to withdraw money.
The Moor has thrived under the ownership of Aberdeen Standard Investments, with the addition of Moor Markets, the Light Cinema, Lane7 Bowling Alley, and new retailers including Primark, Next, River Island and H&M.
However, with retail in steady decline, it might appear that Aberdeen Standards Investments has divested of The Moor while the going is good.
It remains to be seen whether the next phases of development will go ahead, including the renovation of the block occupied by Boots, Melody, Lloyds Bank, Bodycare and Halifax Bank.
The deal was the latest in a string of acquisitions for New River, including a retail park in Northern Ireland for £40million, and sites in Aberdeen, Inverness, Dundee and the Isle of Wight.