Deal clinches £10m acquisition of key retail park
Acting on behalf of a key client, FPG (UK) LTD, Ryden’s Manchester office has advised on the acquisition of Gallagher Retail Park, a fully let, purpose built retail park in Huddersfield anchored by supermarket Aldi.
Other tenants include McDonald’s, M&S Food, Home Bargains and Pets at Home.
The park has remained open and trading throughout the lockdown period and provides modern, well specified out of town retailing suitable for a wide variety of tenants.
Ian Whittaker, associate at Ryden, said: “These have been really challenging times for everyone, and for my client to secure funding and commit to such a significant investment in the current climate is a testament to themselves and shows their ability to perform in even the most testing of markets.
“The park clearly has COVID-defensive attributes and I fully expect it to be an excellent acquisition for my client.
“Coupled with asset management opportunities to push income further and increase the WAULT (weighted average unexpired lease term), it represents a fantastic investment considering such unprecedented times.”
An FPG statement said: “FPG (UK) LTD was established in 2013 and since then we have built a significant property portfolio which mainly consists of retail parks and logistics warehousing with defensive characteristics.
“We are pleased to have acquired in such challenging market conditions and shows our commitment in continuing to grow our portfolio and ability to close transactions.
“We are pleased at acquiring this key community retail park which has been trading throughout the lockdown period.
“FPG (UK) LTD continues its search in the wider market to diversify its portfolio and meet its growth objectives.”