German bank Wurttembergische Hypothekenbank is part funding the acquisition of the freehold interest in Cibi Walk Shopping Centre in Abergavenny, Gwent.
Cibi Investments is paying £7.6m reflecting a yield in excess of 8%, for the centre. Completed nine years ago, the centre comprises 16 fully let units, including a 2,322,5 sq m (25,000 sq ft) Safeway food store. Safeway is developing an out of town store in Abergavenny and it is not known yet whether it will retain its store in Cibi Walk.
Cibi Investments is a joint venture between Delamere Estates, British Linen Assets and Charterhouse Property Investments. Developer Delamere will shortly submit a planning application to extend the centre by 557.4 sq m (6,000 sq ft). Hillier Parker’s Bill Scarborough who is advising Cibi, said the space could be for one or two stores to satisfy outstanding retail requirements for the town.
Chapman Petrie advised the vendor, Cheverell Estates.
EGi News 11/10/96
