Retail deal

London investor BauMont acquires Hermiston Gait

Hermiston Gait: upgraded

Mayfair property investor BauMont Real Estate Capital has acquired the Hermiston Gait retail park in Edinburgh for £65m.

The purchase of the scheme from Aberdeen Standard Investments is BauMont’s first in partnership with Ediston Properties and its second deal in the UK.

Hermiston Gait, off the Edinburgh by pass, recently received a makeover.  The property totals 306,000 sq ft of retail warehouse accommodation across 13 units. It is anchored by Tesco and B&Q. Other tenants include Halfords, TK Maxx, Decathlon and Wren Kitchens.

BauMont is an independent real estate private equity firm formed in 2017 to invest in value creation and arbitrage opportunities.

UK investment director Natalie Harrison said: “The park benefits from many appealing attributes including the relative defensiveness of the majority of tenants to internet shopping, significant residential development in the area planned over the next ten years and opportunities to improve the tenant line up with the letting of the vacant units.”

Ediston’s development director Alastair Dickie added: “We are thrilled to assist BauMont with their first retail park acquisition, a sector we know and understand well.

“The acquisition provides a number of immediate opportunities to add value through intensive asset management.”

Savills advised the vendor and Coates and Co advised the purchaser.

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