Retail park sold in £8.4m deal

A Shrewsbury retail park has been bought by AEW UK REIT in a deal worth £8.35m.

Arrow Retail Park is a 5.65-acre site that is fully-let. It was built in 2007 and is home to tenants including British Heart Foundation, Poundstretcher and Charlie’s Stores.

Alex Short, portfolio manager at AEW UK REIT, said: “We are pleased to have acquired the Arrow Point Retail Park. This is an excellent fit for our portfolio and an excellent new contributor to AEWU’s income stream, putting to use the profit from the sale of the Solihull office asset in February this year.

“Retail remains a small percentage of the portfolio’s composition and, while we continue to take a cautious approach to this sector, the tenant profile of the site is strong and we are confident that we can manage the assets to drive value for shareholders over the medium to long-term.”