5:48pm Wednesday 30th April 2014
CWMBRAN Retail Park has been sold for more than £32 million.
British Land, one of Europe’s largest real estate investment trusts, announced the sale of the retail park on its website yesterday.
It has been sold to financial firm UBS for £32.3 million, a net initial yield of 6.4 per cent British Land said.
A spokeswoman for the company, who bought the retail park in 2001, said the effect on users would be minimal.
“Shoppers won’t notice any difference at all day-to-day,” she added.
The company said a retail park in Dumbarton, brought its total income from the sales to £78 million.
Cwmbran Retail Park – originally Lock Gate Retail Park – is a 136,000 sq ft area, with B&Q, Next, TK Maxx, Brantano, Currys/PC World and Pets at Home among the 11 retailers housed there.
It is located on the western edge of the town centre and off Cwmbran Drive.
Charles Maudsley, head of retail for British Land, said: “These sales are in line with our strategy to further focus our retail portfolio on high quality, locally preferred shopping destinations. Over the last 12 months, we have sold £386 million of retail assets which is broadly matched by the acquisitions we’ve made.”
British Land was represented by Savills in the sale.
British Land has total assets in the UK, owned or managed, of £17.1 billion.
It says on its website: “Through our property and finance expertise we attract experienced partners to create properties and environments which are home to more than 1,000 different organisations and receive more than 300 million visits each year. Our property portfolio is focused on the UK, in prime retail locations and London offices which attract high quality occupiers committed to long leases.”
Further details at britishland.com
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