Valad buys in Stoke
Published: 28 August, 2014
Hermes sells Stoke leisure park to Valad Europe for £14.5m
Hermes Real Estate has sold Festival leisure park, Stoke to the Valad European Diversified Fund for £14.5m, reflecting a net initial yield of 7 per cent. The 130,000-sq ft two storey leisure box on the A53 houses a ten-screen Odeon cinema and a bowling alley.
David Kirkby, Valad Europe's chief investment officer, said: "This is the second leisure park we have acquired so far for the Valad European Diversified Fund and follows the acquisition of Five Ways Leisure Park in Birmingham earlier this month. Following the recent doubling of VEDF's investment capacity to £800m, we continue to target good quality buildings with strong credit tenants and are prepared to take on leasing and repositioning risk, where appropriate."
Lunson Mitchenall and MBH represented Hermes Real Estate, while Valad Europe was represented by John Miles & Co.