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M&G Investments sells UK retail park to Prologis

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M&G Investments sells UK retail park to Prologis

Prologis Inc. acquired a retail park in Edmonton, U.K., from M&G Investments for £51.4 million, Property Week reported.

The seven-unit Ravenside Retail Park spans 128,507 square feet and tenants include Carpetright, Mothercare, Wren, Tapi Carpets and Wickes. The property also includes a vacant unit.

The deal was finalized before Dec. 25, 2019, and the property may be converted to an urban logistics hub, according to the report.

M&G Investments halted dealing in its £2.54 billion property portfolio and feeder fund in early December 2019, citing Brexit-related uncertainty and ongoing structural shifts in the U.K.'s retail sector. To increase the fund's cash position, the company said it sold £70.4 million of assets and a further £67.2 million worth of properties are under offer or in solicitor's hands.

The news outlet also reported that Prologis is also acquiring various properties such as a "rundown" warehouse in East London's Bromley by Bow district, a bakery as well as logistics warehouses.