AshbyCapital has found a buyer for its U.K. retail park portfolio, comprising a trio of assets in Swansea, Leeds and Glasgow.
Ashby is understood to have sold the assets to Realty Income Corp. for more than £220 million ($274 million) combined. The U.S. investor has amassed a significant retail park and food store empire in the United Kingdom since entering the market 2020. The group generally targets acquisitions in the sector that yield between 7 percent and 8 percent.
The portfolio, put together through three separate acquisitions between 2015 and 2019 and let to 46 tenants, includes Morfa Shopping Park, a 345,000-square-foot development next to Swansea’s Liberty Stadium. It is occupied by brands that include Next, JD Sports and B&Q.
Also included is Westside Shopping Park, a 120,000-square-foot park in Guiseley, northwest of Leeds, with retailers that include Currys, Sports Direct, Next and TK Maxx.
Abbotsinch Shopping Park, a 265,000-squae-foot