Arrow Point Retail Park acquired for £8.35m

AEW UK REIT has acquired Arrow Point Retail Park in Shrewsbury for a purchase price of £8.35m.

The 5.56-acre retail park is located on a commercial estate and is fully let. The purchase price reflects a low capital value of £88 per sq ft. Constructed in 2007, the park is arranged across nine units in two terraces with 176 car parking spaces to the front.

Tenants include the British Heart Foundation, Poundstretcher and Charlie’s Stores and neighbours retail occupiers including Matalan and B&M Home Store.

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.”