Queensberry Real Estate (QRE) has completed on the purchase of the 250,000 sq ft (23,226 sq m) Kingsway Shopping Centre, Newport (South Wales) from the UBS Triton Fund for an undisclosed sum with new joint venture partner Bywater Properties. This transaction enhances Queensberry's already significant presence in Newport City centre with the development of the 390,000 sq ft (36,232 sq m) Friars Walk opening Autumn 2015. Kingsway is located immediately adjacent to QRE's Friars Walk, and is anchored by Wilkinsons, B&M and Peacocks.
Paul Sargent, Chief Executive of QRE commented: "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. Together with Bywater we can deliver a holistic approach to Newport's retail offer and add further momentum to the wider regeneration of the city.”
Theo Michell, Director of Bywater Properties added: "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. The retail offer of the City is set to go from strength to strength. We, together with QRE, are delighted to be part of Newport’s retailed regeneration."
Strutt and Parker acted for the vendor while QRE / Bywater were represented by Stuart Cunliffe.