Realty Income acquires AshbyCapital’s retail park portfolio
Realty Income, a US REIT, has acquired AshbyCapital’s retail park portfolio, consisting of three parks in Swansea, Leeds and Glasgow.
The value of the transaction is understood to be £220m.
The portfolio, which was acquired by three acquisitions between 2015 and 2019, comprises Morfa Shopping Park in Swansea, a 345,000 sq ft retail park adjacent to Liberty Stadium, Westside Shopping Park, a 120,000 sq ft retail park in Guiseley, to the north-west of Leeds, and Abbotsinch Shopping Park, a 265,000 sq ft retail complex in Paisley, Glasgow.
Realty Income, a US REIT, has acquired AshbyCapital’s retail park portfolio, consisting of three parks in Swansea, Leeds and Glasgow.
The value of the transaction is understood to be £220m.
The portfolio, which was acquired by three acquisitions between 2015 and 2019, comprises Morfa Shopping Park in Swansea, a 345,000 sq ft retail park adjacent to Liberty Stadium, Westside Shopping Park, a 120,000 sq ft retail park in Guiseley, to the north-west of Leeds, and Abbotsinch Shopping Park, a 265,000 sq ft retail complex in Paisley, Glasgow.
The private equity firm acquired Morfa Shopping Park in 2015 for £83.5m, Abbotsinch Shopping Park in 2019 for £68m and Westside Shopping Park in 2019 for £37.9m. Since acquisition, Quadrant has acted as the asset manager for the retail parks.
Together, the three assets are let to a total of 46 tenants. In December last year, AshbyCapital signed two new tenants at Morfa and six new tenants at Abbotsinch.
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 are pleased to sell this portfolio against an improved backdrop for the retail sector.”
John Maddison, partner and head of asset management at Quadrant, said: “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.
“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.”
Photo: Abbotsinch Shopping Park
