The Company has sold the Tesco Superstore, which forms part of Prestatyn Shopping Park, to Supermarket Income REIT. The sale price was £26.5m, which is in line with the property’s valuation as at 31 December 2020 and above the acquisition cost. The sale completed on 3 March 2021.
The Company will retain the remainder of the retail park, which extends to c. 91,500 sq. ft. across 14 units. The retail park is let to 13 tenants, with M&S as an anchor, and has asset management angles to exploit.
Calum Bruce, Investment Manager, commented:
“The sale of this asset is in line with our investment strategy and provides us with the opportunity to recycle capital from lower yielding assets into properties which are more suited to our intensive style of asset management.”