UK & European Investments has completed the £34.7m sale of a Birmingham leisure park to the Valad European Diversified Fund.
The sale of Fiveways Leisure Park , which was completed on behalf of Blue Coast Commercial Investments, reflects an 8.1% net initial yield.
The property comprises two buildings totalling 199,702 sq ft and is Birmingham city centre’s dominant leisure park.
Anchored by a 12-screen Cineworld cinema, the park is let to 12 tenants including Grosvenor Casinos, Pure Gym, Inventive Leisure, Nando’s, Shimla Pinks, Gatecrasher and Euro Car Parks.
UK & European Investments chief executive Barnaby Kelham said: “Our decision to trade Fiveways at this time follows the successful completion of our original business plan for the asset.
“A sale now allows us to take advantage of current market sentiment and strong institutional demand in the leisure sector.
“We are currently focusing our attention to new opportunities where we can add value through careful stock selection alongside our proactive approach to asset management.”
David Kirkby, Valad Europe’s chief investment officer, added: “Fiveways Leisure Park provides even greater diversification to the Valad European Diversified Fund’s portfolio of assets. Underpinned by a strong set of leisure and entertainment businesses and located in the heart of Birmingham city centre, Fiveways is typical of the type of good-value, high-quality, leasable assets with strong covenants that we are actively investing in.”
GVA acted for Valad Europe; Cortex Partners represented UK & European.
bridget.oconnell@estatesgazette.com
