UK & European Investments, on behalf of Blue Coast Commercial Investments LP, has completed on the sale of Five Ways Leisure Park in Birmingham to the Valad European Diversified Fund ("VEDF"). The sale price of £34.68 million (approx. €43 million) reflects an 8.1% net initial yield.
The property comprises two buildings totalling 199,702 ft² (approx. 18.487 m²) and is Birmingham city center’s dominant leisure park. Anchored by a 12-screen Cineworld cinema, the Park is let to 12 tenants including Grosvenor Casinos, Pure Gym and more.
Barnaby Kelham, CEO of UK & European Investments said: "Our decision to trade Fiveways at this time follows the successful completion of our original business plan for the asset. A sale now allows us to take advantage of current market sentiment and strong institutional demand in the leisure sector. We are currently focusing our attention to new opportunities where we can add value through careful stock selection alongside our proactive approach to asset management."
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.