A popular shopping centre has been bought in a £7.5million deal.
Park View Shopping Centre, in the heart of Whitley Bay, has been purchased by Cordatus Property Trust, a venture between Cordatus Real Estate and CBRE Global Investment Partners, from Bow Street Mall.
The trust, launched last December with an initial funding of £150million, has been targeting investment opportunities in strong micro locations with the aim to improve the properties.
The shopping centre, which opened in 2003, provides 43,451sq ft of retail space with retailers including Sainsbury’s, Iceland, Boots, Home Bargains, Costa and Superdrug, plus a roof-top car park.
Andrew Murray, asset manager at Cordatus Real Estate, said: “We are actively seeking to invest in new opportunities where we can see scope to add value and use our asset management expertise to drive returns.
“The Park View Shopping Centre in Whitley Bay is another positive acquisition for us and increases our geographic spread of assets as we work to build a diversified portfolio of assets under management.”
Alex Bignell, head of UK at CBRE Global Investment Partners, said: “This is the 16th asset acquired by Cordatus, bringing the total capital invested by the Trust to £62.1m. The purchase is consistent with the Trust’s objective to generate attractive long-term returns with a higher than average income distribution.”
“The Trust continues to assess further investment opportunities across all sectors of the UK regional markets.”