Telford’s Forge Retail Park sold as part of £254.5m deal
Telford Forge Retail Park has been sold as part of a deal worth £254.5m which included the purchase of several other retail parks by its new owners.
The Forge which is Telford’s primary shopping park comprises of twenty tenants including Next, Outfit, Boots, Gap, Currys and TK Maxx. The park has a current passing rent of £5 million per annum and average rents of £21 per square foot.
Its new owners Hammerson, has paid £254.5m for The Junction Unit Trust, which owned three other prominent retail parks Thurrock Shopping Park, Imperial Retail Park in Bristol and Abbotsinch Retail Park, Glasgow.
David Atkins, Chief Executive of Hammerson said:
"There is continued strong consumer demand for the ease and convenience of retail parks, and that consumer demand is being reflected in the increasing requirements of a range of fashion and catering retailers for space in retail parks.
"This portfolio acquisition on attractive terms enhances our income profile and will be actively managed to grow rents and capitalise on development opportunities, maximising returns for shareholders."
