Shopping centre and car park acquired for £27.2m

A Bristol shopping centre and adjacent car park has been acquired by Sovereign Housing Association from BlackRock UK Property Fund for £27.2m.The multi-tenanted Clifton Down shopping centre and its 350 vehicle car park is now the biggest commercial property in Sovereign’s portfolio.A local residential property and smaller surface car park has also been bought as part of the investment.Clifton Down was built in the early 1980s and the shopping centre and car park together covers over three acres of land.The income generated from ownership of the centre and the adjacent land means Sovereign will be able to bring forward additional affordable housing across the south of England, improve the quality of its existing homes and increase its charitable purposes.The transaction was said to be in line with BlackRock UK Property Fund’s strategy to reduce the fund’s retail exposure.Sovereign was represented in the transaction by Savills and BlackRock by Knight Frank