Valad Europe has closed the acquisition of Five Ways Leisure Park in Birmingham. The investment volume of €35 mln (€44 mln) reflects an 8.1% net initial yield.
Valad Europe has closed the acquisition of Five Ways Leisure Park in Birmingham. The investment volume of €35 mln (€44 mln) reflects an 8.1% net initial yield.
Five Ways was sold to the Valad European Diversified Fund by privately owned UK & European Investments, on behalf of Blue Coast Commercial Investments.
The property comprises two buildings totalling 18,500 m2 and is Birmingham city centre’s dominant leisure park. Anchored by a 12-screen Cineworld cinema, the park has 12 tenants including Grosvenor Casinos, Pure Gym, Inventive Leisure, Nando’s, Shimla Pinks, Gatecrasher and Euro Car Parks.
David Kirkby, Valad Europe’s chief investment officer, commented: 'Five Ways Leisure Park provides even greater diversification to the Valad European Diversified Fund’s portfolio of assets. Underpinned by a strong set of leisure and entertainment businesses and located in the heart of Birmingham city centre, Five Ways is typical of the type of good value, high quality, and leasable assets with strong covenants, that we are actively investing in.'
GVA acted for Valad Europe and Cortex Partners for UK & European Investments.