Shrewsbury retail park bought in £8.35 million deal
A Shrewsbury retail park has been bought in a deal worth £8.35 million.
Arrow Retail Park, which is a 5.65-acre site that is fully-let, has been bought by real estate investment trust AEW UK REIT.
Located in Brixton Way, it was built in 2007 and is home to tenants including British Heart Foundation, Poundstretcher and Charlie’s Stores.
The estate, which provides a net initial yield of 8.7 per cent, is arranged across nine units in two terraces with 176 car parking spaces to the front.
Alex Short, portfolio manager at AEW UK REIT, said: “We are pleased to have acquired the Arrow Point Retail Park.
"This is an excellent fit for our portfolio and an excellent new contributor to AEWU’s income stream, putting to use the profit from the sale of the Solihull office asset in February this year.
“Retail remains a small percentage of the portfolio’s composition and, while we continue to take a cautious approach to this sector, the tenant profile of the site is strong and we are confident that we can manage the assets to drive value for shareholders over the medium to long-term.”
