Aberdeen Investments, on behalf of the Standard Life Pooled Pension Property Fund, has acquired a major retail park in the West Midlands for £69.6 million.

The latest addition to the fund’s portfolio is Sears Retail Park in Solihull, a 136,300 sq ft scheme anchored by high-profile tenants Next and Marks & Spencer. The site also hosts well-known retailers including TkMaxx, Homesense, Boots, and Mountain Warehouse.

This marks the fund’s second retail park acquisition in the past year, following its purchase of the Tandem Centre in Colliers Wood in 2024.

David Stewart, fund manager at Aberdeen Investments, commented: “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 acquisition reinforces Aberdeen’s ongoing confidence in the out-of-town retail sector, particularly in strategically located, well-let schemes with potential for future value enhancement.

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