Property developer offers attractive office spaces
A property developer has acquired a commercial property, to offer attractive office space opportunity
Although, these may be gloomy times for the property sector across the UK, it is not as discouraging as it seems. Investment is coming from within the UK as well as from those based overseas. In fact, some of the UK’s cities have become top property destinations in recent times. These cities are attracting offshore investment in property due to the fact that many businesses are shifting out of the UK and a property ‘vacuum’ has been created at these places and the opportunities are being latched up by other investors. As a result, this relocation by big investors is enabling many local and global players to invest in the country.
The local property market is also encouraging and deals are taking place between firms, with the latest being one between Ediston Property Investment Company and Stadium Group. In this case, the concerned property is Prestatyn shopping park. The shopping park has been acquired as part of a property deal worth £144 million. The deal was struck between Ediston Property Investment Company and Stadium Group in a conditional acquisition agreement. The shopping park in Prestatyn opened in 2013 and it houses stores such as Tesco, M&S, Next, Boots, New Look, River Island and Costa Coffee. The deal includes four parks, with the other three being Yorkshire shopping centres Kingston Retail Park in Hull and Wombwell Retail Park in Barnsley and Widnes Shopping Park. The deal concerns the acquisition of a new portfolio of four retail warehouse parks.
As a result of this acquisition, there will be a significant increase in the size of the company’s existing portfolio to approximately £317.6 million.
Calum Bruce, director of investment at Ediston, said that the firm is very pleased about the opportunity to purchase Prestatyn retail park from Stadium Group. Retail parks have huge significance to local communities with regard to local income, and jobs. Bruce said that at Ediston, the company looks forward to working with the community to make Prestatyn’s retail park a continued success. Bruce said that Ediston will be working towards attracting new investment to the local area, meaning more shops, employment, and consumer choice for the people of North Wales.
William Hill, chairman of Ediston Property Investment Company said that he is delighted with the progress of this property transaction and considers these proposals to be an important next step in the development of the company. He added that he is encouraged with the discussions the company has had to date with both its existing shareholders and potential new investors in relation to the equity raising to support these proposals.