Cordatus Acquires Park View Shopping Centre

Please see below for recent press article in Property Week 15 August 2016 by Helen Crane

Bow Street Mall has sold the Park View shopping centre in Whitley Bay, Tyne and Wear to Cordatus Property Trust.

Cordatus Property Trust, which is a programmatic venture between Cordatus Real Estate and CBRE Global Investment Partners, acquired the mall for £7.5m. Park View comprises 43,451 sq ft of retail and leisure accommodation, and is let to a range of well-known brands and retailers including anchor stores Sainsbury’s and Iceland plus Boots, Home Bargains, Costa, Superdrug and Peacocks. Footfall is above 33,000 per week. The Trust was launched in December 2015 and has an initial funding of £150m. It is targeting properties in strong micro locations, primarily in UK regional markets, with typical lot sizes of between £3m to £15m, to generate above market income distribution.

Andrew Murray, asset manager at Cordatus Real Estate, said:

“We are actively seeking to invest in new opportunities where we can see scope to add value and use our asset management expertise to drive returns. The Park View Shopping Centre in Whitley Bay is another positive acquisition for us and increases our geographic spread of assets as we work to build a diversified portfolio of assets under management.”

Alex Bignell, head of UK at CBRE Global Investment Partners commented:

“This is the sixteenth asset acquired by Cordatus, bringing the total capital invested by the Trust to £62.1m. This represents a highly satisfactory deployment rate given that the Trust was only launched in December last year.The purchase is consistent with the trust’s objective to generate attractive long-term returns with a higher than average income distribution. The trust continues to assess further investment opportunities across all sectors of the UK regional markets.”

CWM acted for Cordatus. JLL and McKibbin were joint selling agents.