Valad adds leisure
Published: 09 September, 2014
Valad acquires two leisure parks for its Valad European Diversified Fund
Real estate investment manager Valad Europe has acquired five UK properties for £100m on behalf of its Valad European Diversified Fund, including two key leisure assets.
Five Ways leisure park in Birmingham was purchased for £34.7m, reflecting a net initial yield of 8.1 per cent. It comprises two buildings totalling 199,702 sq ft and is Birmingham city centre’s dominant leisure park. Anchored by a 12-screen Cineworld cinema, the Park is let to 12 tenants including Grosvenor Casinos, Pure Gym, Inventive Leisure, Nando’s, Shimla Pinks, Gatecrasher and Euro Car Parks.
And a number of asset management initiatives are being explored at Festival leisure park in Stoke-on-Trent which was purchased for £14.5m, reflecting a net initial yield of 7 per cent. The 130,000-sq ft leisure park is let to Odeon Cinemas and Tenpin, a bowling operator. The building is located on Festival Park, adjacent to Festival retail park and close to other retail and leisure attractions on the edge of Stoke city centre.
In Blackpool, Valad Europe also acquired a 36,000-sq ft retail warehouse for £3.8m, reflecting a net initial yield of 7.8 per cent. The single storey retail warehouse is let to Homebase for 10 years, includes a garden centre and 215 parking spaces.
At Five Ways, GVA acted for Valad Europe and Cortex Partners for the vendor; at Stoke, John Miles & Co acted for Valad Europe and MBH and Lunson Mitchenall acted for the vendor and at Blackpool, Cheetham & Mortimer acted for Valad Europe and Jones Lang LaSalle for the vendor.