Independent property investment manager, Valed Europe, has paid almost £24m for a trio of acquisitions across mainland Britain and the Channel Isles.
The purchases — made on behalf of its £800m Valad European Diversified Fund (VEDF) — take the fund’s UK portfolio to 16 properties. “All of these investments are in strong regional locations and provide considerable asset management and repositioning opportunities,” explained Simon Marriott, Valad Europe’s head of UK Real Estate.
The fund’s three latest purchases are:
- Festival Leisure Park, Blackpool. Bought from Scottish Widows Investment Partnership for £12.5m, the 95,500 sq ft site contains a number of leisure dedicated buildings currently let to five occupiers including Odeon Cinema, Bannatyne’s Health Club, Frankie and Benny’s, McDonald’s and Spirit Pub. The average length of the existing leases is nine-and-a-half years.
- Mitre Retail Park, Wolverhampton. Located 1.5 miles from the city centre, the 46,596 sq ft retail park is made up of two retail warehouses let to Go Outdoors, Carpetright Plc and Harveys. The price tag was £4.7m.
- Sir Walter Raleigh House, St Helier, Jersey. Acquired from Palmer Capital for £6.45m, the four-storey 20,871 sq ft multi-let office building is located in the prime commercial area of the island’s capital and is currently let to several financial services companies including Aberdeen Private Wealth Management, CVC Capital Partners, Jersey Finance and Capco Trust Jersey. The average remaining lease period is just over five year.
Marriott added: “We are already looking at introducing new food and beverage outlets at Festival Leisure Park and are exploring reversionary rent potential and lease re-gearing opportunities at the other two assets.”
The Valad European Diversified Fund targets core-plus and value-added assets across the office, retail, industrial and warehouse and logistics sectors. So far all its purchases have been in the UK, Germany and France priced between £5m and £50m.
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