M&G Real Estate acquires GBP156m South Wales retail park
M&G Real Estate has acquired Parc Trostre, Llanelli for GBP156 million, reflecting a net initial yield of 5.07 per cent.
The off market transaction was made on behalf of the M&G Property Portfolio, managed by Fiona Rowley and Justin Upton.
The property was bought from Developer Stadium, the owner since the park was developed in 1988.
Parc Trostre is one of the premier shopping parks in the UK and the dominant retail destination in south west Wales with 264,921 sq ft of retail space and 144,223 sq ft of mezzanine space across 34 units.
Alongside anchor tenants Marks & Spencer, Debenhams, Next and Outfit, other major brands include River Island, TK Maxx, BHS, Asda Living and Starbucks. The shopping park is also adjacent to a regionally-dominant Tesco Xtra and benefits from full open A1 planning permission as a District Centre within the Local Plan. The last major refurbishment including partial redevelopment took place in 2008.
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