Prestatyn shopping park has been acquired as part of a £144m property deal.
Ediston Property Investment Company has entered into a conditional acquisition agreement with the Stadium Group in relation to the acquisition of a new portfolio of four retail warehouse parks.
Parc Prestatyn has a market value of £55 to 60m. Other parks, being acquired as part of the deal, include Yorkshire shopping centres Kingston Retail Park in Hull and Wombwell Retail Park in Barnsley and Widnes Shopping Park.
Speaking to the Journal, Calum Bruce, director of investment at Ediston, said “We are very pleased about the opportunity to purchase Prestatyn retail park from Stadium Group. Retail parks have huge significance to local communities with regard to local income, and jobs, and at Ediston we look forward to working with the community to make Prestatyn’s retail park a continued success.
“Ediston will be working towards attracting new investment to the local area, meaning more shops, employment, and consumer choice for the people of North Wales”.
The acquisition will result in a substantial increase in the size of the company's existing portfolio to approximately £317.6 million.
The shopping park in Prestatyn opened in 2013. The retail park boasts stores such as Tesco, M&S, Next, Boots, New Look, River Island and Costa Coffee.
William Hill, chairman of Ediston Property Investment Company plc, added: “I am delighted with the progress of this property transaction and consider these proposals to be an important next step in the development of the company. I am also encouraged with the discussions we have had to date with both our existing shareholders and potential new investors in relation to the equity raising to support these proposals.”