Queensberry has successfully completed the sale of Friars Walk in Newport to Canadian investment company Talisker Corporation. The 390,000-sq ft mall opened in November 2015 with Debenhams as anchor supported by Next, M&S, River Island, Nando’s and Cineworld.
In order to facilitate the project Newport City Council provided development finance and council leader Councillor Debbie Wilcox has welcomed the deal which will ensure the council can repay the loan it took out to finance the scheme in full.
Initially marketed at a reported £120m before the shopping centre investment market went into reverse in mid-2016, the centre is likely to have fetched less than £100m.
David Howard of Talisker said; “We are very excited about the newest addition to our portfolio of UK properties. Friars Walk offers a modern, well thought out scheme with a secure income stream with a lot of potential for future growth.”
Queensberry CEO Paul Sargent said: “It was always our intention to develop and sell on Friars Walk. I believe Friars Walk is at a good point as we move on. It has been successfully trading since November 2015. Last year it was awarded Revo’s coveted Gold Award for Best New Centre of 2015. Footfall is strong, averaging over 10 million visitors a year and tenants are reported as trading well.”