Capital Retail Partnership, a subsidiary of PMG, have sold the long leasehold interest in Capital Shopping Park in Cardiff for £59.65 million to Aberdeen Asset Management, at a price reflecting a net initial yield of 5.3%. Located opposite Cardiff City Football Club, it comprises 150,000 sq ft of retail, leisure and office space. The scheme was developed in 2008 and has 21 tenants, including Next, Outfit, Marks & Spencer, SCS, DW Sports, Mamas & Papas, Smyths Toys and Costa. It currently generates an annual rental income of around £3.36 million.
Ewan Montgomery, fund director at Aberdeen, said:-
“This is a rare opportunity to buy the leading shopping park in one of the UK’s major cities and we believe that the property offers excellent prospects for long term growth and improvement. The purchase is in line with Aberdeen’s on-going strategy to invest in prime real estate with strong underlying fundamental characteristics.”
Mike Hall, managing director of PMG, said:-
“The sale of Cardiff Shopping Park represents the end of a 10-year project for PMG, which included the development of the Cardiff City Stadium, the Cardiff Athletics Stadium and the retail park. The investment by Aberdeen in Cardiff is a major boost for the city and we are sure they will continue to invest and improve the retail park and its surroundings.”
Wilkinson Williams were the letting agents on the scheme and acted for PMG on the sale. Aberdeen was advised by Savills.
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