Canadian investment company Talisker Corporation has bought Friars Walk retail and leisure scheme in Newport, Wales from UK investor and developer Queensberry for a sum believed to exceed €100 mln.
The value of the deal for the 390,000 ft2 (36,000 m2) retail centre was not disclosed, but Newport Council said that it ensured it could repay a £90 mln (€102 mln) low interest-bearing loan it took out with the UK Goverment's Public Works Loan Board to finance its construction.
'We are very excited about the newest addition to our portfolio of UK properties,' said David Howard of Talisker. 'Friars Walk offers a modern, well thought-out scheme with a secure income stream with a lot of potential for future growth. We look forward to working closely with the community, our tenants and the city council to ensure that Friars Walk continues to mature into the true heart of Newport.'
The scheme was valued at £110 mln (€125 mln) last year after opening in 2015 with 35 stores, restaurants, a bowling alley and a cinema. A mooted deal between Queensberry and Talisker fell through last summer, but talks resumed in November.
'It was always our intention to develop and sell on Friars Walk. I believe Friars Walk is at a good point as we move on. It has been successfully trading since November 2015,' said Paul Sargent, CEO of Queensberry.
'Last year it was awarded REVO’s coveted Gold Award for Best New Centre of 2015. Footfall is strong, averaging over 10 million visitors a year and tenants are reported as trading well,' he concluded.
