AshbyCapital has sold a retail park portfolio to US investor Realty Income for around £220m.
The portfolio comprises: the 345,000 sq ft Morfa Shopping Park in Swansea; the 120,000 sq ft Westside Shopping Park in Guiseley, to the north west of Leeds; and Abbotsinch Shopping Park in Paisley (pictured), which comprises 265,000 sq ft of retail space.
Since acquiring the assets, Ashby has worked with asset manager Quadrant to proactively manage the parks and improve the tenant line up and shopper experience.
Tom Smithers, property director at AshbyCapital, said: “We invested in these parks at a time when many investors had turned their back on physical retail. Yet the right type of retail, in strong locations and let to retailers with a multi-channel approach and a relevant offer still serves a significant role in communities across the UK.
“Having focused on quality shopping parks that dominate in their local areas and having invested to drive significant improvements and increase rental returns, we’re pleased to sell this portfolio against an improved backdrop for the retail sector.”
John Maddison, partner and head of asset management at Quadrant, added: “This sale concludes a successful nine-year partnership with AshbyCapital that adds to our strong track record of working with investors to drive the performance of out-of-town retail parks.
“As the only truly independent and privately owned specialist operating partner in this sector, we look back with pride at the gradual but significant transformation we’ve delivered across these assets, increasing rentable space, improving the experience for customers and securing new tenants and seeing rental growth ahead of the wider market.
“We leave all three assets as exemplars for the sector, in far better physical and occupational condition than when we first started working on them, and strongly positioned for ongoing success.”
