Three North Wales shopping parks sold in major retail deal

Three shopping parks in North Wales have been sold. American real estate conglomerate Realty has agreed to buy 11 retail parks from Ediston Property Investment Company.

The deal is for just over £200m and was signed off by the Ediston board at the end of last month. It includes three sites in North Wales – Parc Prestatyn ^[1], Clwyd Retail Park in Rhyl, and Plas Coch Retail Park in Wrexham ^[2].

Parc Prestatyn includes brands like Marks and Spencer, TK Maxx and Next and was bought by Ediston in 2017. The firm had bought Plas Coch in 2015 and the shopping park recently secured M&S as tenants.

Realty has been asked to comment on its investment plans for the sites.

William Hill, chairman of the Ediston, said: “The board was very pleased with the interest shown in the company, with proposals being received from a number of potential counterparties. Having considered multiple options, and after detailed analysis, the Board determined a sale of the Property Portfolio to Realty Income was the best means of maximising Shareholder value.”

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References

^{^} Prestatyn (www.dailypost.co.uk)
^{^} Wrexham (www.dailypost.co.uk)
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