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Aberdeen Standard to sell UK shopping center

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Aberdeen Standard to sell UK shopping center

Aberdeen Standard Investments Inc. agreed to sell The Moor shopping center in Sheffield to NewRiver REIT for about £85 million, Property Week reported.

The 900,000-square-foot shopping center — the biggest asset in the company's Aberdeen UK Property Fund — has a weighted average unexpired lease term of more than 10 years and was put on the market in October with an asking price of £89.4 million.

Citing data provider Morningstar, the publication reported that Aberdeen Standard's retail property-exposed vehicle saw outflows worth £31 million on Dec. 4, after M&G Investments temporarily suspended trading its U.K. property portfolio.