Wrekin Retail Park sold to new owner
Tuesday 30th November 2010, 4:00PM GMT.
A Telford retail park has been sold to a new owner in a £42 million deal.
And Hammerson, which has snapped up Wrekin Retail Park, near Wellington, said it wanted to attract more “high quality” stores and eating places to the site.
The retail park had been owned by Legal and General Property since 1996.
David Atkins, chief executive of Hammerson, today said: “Retail Parks represent a significant part of our portfolio.
They remain in demand from our occupiers and their customers thanks to their convenience, accessibility and affordability for tenants.
“Wrekin is an excellent asset with a strong anchor and wide planning consent.
“It has secure, reversionary income and we aim to improve returns through specific asset management initiatives including the introduction of further high quality brands and increasing the catering offer.”
Wrekin Retail Park is let to nine retailers including Asda Living, Boots and Homebase.
The rental income is £2.6 million a year. The firm’s portfolio includes the Bullring in Birmingham and Brent Cross Shopping Centre.
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