The Clifton Down shopping centre and its 350 space car park has been acquired by Sovereign Housing Association from BlackRock UK Property Fund for £27.2m.
The transaction was said to be in line with BlackRock UK Property Fund’s strategy to reduce the fund’s retail exposure.
The income generated from ownership of the centre and the adjacent land will enable Sovereign to bring forward additional affordable housing across the south of England, improve the quality of its existing homes and increase its charitable purposes.
Tom Titherington, executive director development and commercial for Sovereign, said: “We have ambitions around taking more of a land-led approach, and the control that gives us, in our development plans and so we are delighted to have secured the Clifton Down shopping centre and the adjacent land.
“This is a retail led, mixed use investment and is a really exciting opportunity for us as a business. The income will allow us to increase our development programme, and in the medium to long term there is the potential to redevelop the site to create a sustainable major mixed use development to include affordable and market housing.”