Hines has expanded its UK retail park portfolio with the acquisition of three fully leased assets in London, Manchester and Edinburgh, as the U.S. giant bets that limited new supply and resilient retailer demand will continue to drive rental growth.

The acquisitions, made on behalf of the Hines European Core Fund, comprise Nugent Shopping Park in Orpington, Altrincham Retail Park in Greater Manchester and Straiton Retail Park in Edinburgh, totalling 438K SF.

Hines has not disclosed the purchase price. However, Knight Frank’s H1 2026 Retail Investment Update said Altrincham and Straiton traded for a combined £88M, while Nugent was valued at £79M in March 2025, accounts filed at Companies House showed, putting the value of the three assets in the region of £167M.

“We see UK retail parks as an increasingly compelling part of a diversified core portfolio," Hines Global co-Head of Investment Management Alfonso Munk said in a statement.

"Limited new supply, strong retailer demand, and attractive income characteristics create a combination that has been difficult to replicate elsewhere in the retail market.”

Knight Frank said out-of-town retail vacancy stood at a record-low 4.8% in the 12 months to May 2026, while rents increased 3%. Retail warehousing generated an 8.2% total return over the period. The firm said the absence of a meaningful development pipeline was making existing stores increasingly valuable and new opportunities “fiercely contested.”

The three acquired assets also provide Hines with a geographically diverse portfolio.

Nugent Shopping Park comprises 139K SF and is anchored by a full-line Marks & Spencer and food hall, alongside a range of national retailers.

Altrincham Retail Park is the largest of the three assets, at 228K SF, with occupiers including Lidl, Boots, B&Q, Currys, B&M, Pets at Home and TK Maxx. Straiton, at 71K SF, is anchored by Home Bargains, The Food Warehouse and Dunelm.

In the first half of 2026, Hines also acquired Junction One in Wallasey for £48M, while DTZ Investors bought Slough Retail Park for £55M, and Ashtrom acquired Team Valley Retail Park in Gateshead for £102M.

Realty Income has also been active, acquiring a retail warehouse portfolio from Tristan Capital Partners for circa £233M.

Retail warehousing accounted for £840M of UK investment transactions in H1, or 40% of total retail investment, according to Knight Frank. Overall retail investment was £2.1B, down 17% year-over-year, but the fall reflected a lack of available stock and market uncertainty rather than a lack of investor demand, the agent said.

Knight Frank expects retail to remain one of the UK's strongest-performing property sectors in 2026, forecasting a 7.4% total return for the sector and 8.2% for retail warehousing.