Addington Capital is selling the Queen’s Arcade Shopping Centre in Cardiff for around £33m – an 8% yield.
Addington acquired the 150,000 sq ft shopping centre in March 2011 as part of its joint venture acquisition of the Sapphire Portfolio.
The centre’s tenants include New Look, Argos, Animal, Skechers, Rymans, Entertainer and 2Seasons. Toys R Us has also recently taken space in the scheme.
Queen’s Arcade was built in the mid 1990s and refurbished between 2006 and 2008. It is positioned in the city centre of Cardiff and links into Queen Street, Working Street and the St David’s Centre.
Bruce Nutman, director, Time Retail Partners, said: “There remain numerous asset management initiatives for the future owners of this scheme. There is a lack of quality stock in the investment market and the centre’s location in central Cardiff will add to its attraction.
“The centre has an annual shopper footfall of 10m and the city is a thriving UK capital with a balanced retail offer.”
Time Retail Partners is advising Addington Capital.
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