Valad Europe, part of Cromwell Property Group, a diversified global real estate investment manager, has acquired Clyde Retail Park, Clydebank in Glasgow. The asset was purchased from Motherwell Investment LP for the Valad European Diversified Fund (VEDF) and reflects a net initial yield of 7.3%.
The 13,846m² (149,046ft²) Clyde Retail Park is located in Clydebank town centre, next to Clyde Shopping Centre and eight miles north west of Glasgow city centre within the Greater Glasgow conurbation. With a weighted average unexpired lease term of 7.9 years, current tenants comprise a broad range of major national retailers including TK Maxx, KFC, Home Bargains, Matalan, Go Outdoors and Halfords as well as several other well-known brands. Clyde Retail Park is the largest retail park in Clydebank and is well located in the town centre, forming an integral part of the town’s retail offering.
Simon Marriott, Head of Investments & UK Real Estate at Valad Europe, commented: “Clyde Retail Park is an excellent fit for the Valad European Diversified Fund complementing the existing assets within the portfolio and providing further regional retail exposure to strong established covenants. We are progressing a number of asset management opportunities which will enhance the asset’s income profile over the life of the Fund.”
Gilfillan Property Services advised Valad Europe while Montagu Evans and Staunton Whiteman advised the vendor.
Valad Europe manages €4.7bn of real estate assets and investment capacity across its 24 funds and mandates in Europe, comprising approximately 365 assets and 3,500 tenants, managed by local teams totalling around 200 people in 22 offices and 13 European countries.
