Redevco, an independent international real estate company, has purchased the freehold investment of a block of prime multi-let retail properties at 56-76 Commercial Road, Bournemouth in the UK from a private Irish investor for £31 mln (EUR 35 mln).

The 5,000-m2 property is let to a number of tenants including H&M and Zara. Part of the block was redeveloped in 2005 and the remainder will be redeveloped by Redevco in due course. The properties are located in a prime position opposite Marks & Spencer and adjacent to Primark on the pedestrianised section of Commercial Road.

JLL advised Redevco, while Cushman & Wakefield and BTW Shiels represented the vendor.

Redevco manages and develops one of the largest retail portfolios in Europe, currently valued at EUR 7.4 bn. The portfolio comprises over 750 properties in top locations throughout 18 countries. The company also operates in Asia, where it is building a retail portfolio in the larger metropolitan areas, with a focus on China.