Friars Walk developer buys Kingsway centre
Queensberry Real Estate, the developer behind the Friars Walk development in Newport, has purchased a 250,000 sq ft shopping centre in the city.
Queensberry bought Kingsway Shopping Centre for an undisclosed sum from UBS Triton Fund, in a joint venture with new partner Bywater Properties.
The development is located next to Friars Walk and includes discount chain B&M, Wilkinsons and Peacocks.
Paul Sargent, chief executive of Queensberry Real Estate, said: "This is the first of a number of similar acquisitions we hope to be involved with over the next 12 months - a strategic purchase that will both compliment and leverage off the growing success of Newport city centre's retail story.
"Newport is the obvious place for us to start as investors due to our indepth knowledge of the city and its catchment, and we see great opportunity in the synergies with Friars Walk moving forward."
Theo Michell, director of Bywater Properties, said: "The Friars Walk development has brought top retailers back into Newport city centre, and Kingsway is already seeing the knock-on benefits from this renewed occupational demand."
Friars Walk is due to open in Autumn 2015.
Strutt and Parker acted for the vendor while Queensberry and Bywater were represented by Stuart Cunliffe.