Parc Trostre bought by asset management firm for £156m

SALE: Parc Trostre has been bought for £156m it was announced today.

SALE: Parc Trostre has been bought for £156m it was announced today.

First published in News by , Editor

Llanelli's Parc Trostre has been bought out by asset management company M&G Real Estate for £156 million.

An announcement, made today, said the figure reflected "a net initial yield of 5.07%".

The "off-market transaction" was made on behalf of the M&G Property Portfolio, managed by Fiona Rowley and Justin Upton, and sees M&G Real Estate purchase from Developer Stadium, owner since the park was developed in 1988.

M&G described Trostre as "one of the premier shopping parks in the UK and the dominant retail destination in south west Wales".

The last major refurbishment of Parc Trostre, including partial redevelopment, took place in 2008.

Justin Upton, said: “Parc Trostre in Llanelli is the dominant shopping park in South Wales.

"This off market purchase continues our strategy of acquiring ‘best in class’ retail assets in locations with strong fundamentals and growing catchment areas.

"With a strong fashion led occupier base and the ability to drive rental values via the introduction of new fascias and asset management we believe the park will fit well into the existing high quality retail warehouse portfolio within the Fund."

“Given the well-publicised shifting trends within the retail sphere towards e-tailing and click and collect, as well as a more demanding consumer, we see the strongest retail parks only getting stronger given their ability to cater for this seismic shift within the retail sector.”

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