News Archive

ST. MODWEN COMPLETES £2.8 MILLION DEAL IN FLINTSHIRE

St. Modwen, the UK’s leading regeneration specialist, has completed the sale of Quay Shopping Centre in Connah’s Quay, North Wales to Local Parade Investments, a newly formed Joint Venture between London-based Local Shopping REIT Plc (LSR) and Pramerica Real Estate Investors.

The deal represents a £2.8 million investment in Flintshire and sees Local Parade Investments acquire 20,000 sq ft of retail units, which are let to a range of local and national retailers including Greggs, Home Bargains and Card Factory.

The six-acre development, which opened at the end of 2010 and created more than 300 jobs, is anchored by a 52,000 sq ft Morrisons foodstore and features a 325-space car park. In 2009 St. Modwen successfully forward-sold the foodstore element of the scheme to South Yorkshire Pensions Authority for £11.8 million.

Michelle Taylor, North West regional director at St. Modwen, said: “Our project at Connah’s Quay has seen a previously run down local precinct transformed into a vibrant new district centre, creating new employment opportunities. We are delighted to continue the success of Quay Shopping Centre by attracting this investment.

“LSR is an established, well-funded expert in the field of local retail property and the successful conclusion of this deal is a significant vote of confidence for the future of the scheme and the local area.”

LSR is a leading owner of local retail property throughout the UK. It principally invests in local parades and neighbourhood venues for convenience shopping. Pramerica is the real estate investment and advisory business of the U.S.-based Prudential Financial, Inc. (NYSE: PRU). LSR acts as Manager for the Joint Venture and is responsible for sourcing the investments.

Nick Gregory, joint CEO at LSR, said ”This acquisition represents the third purchase for our new Joint Venture with Pramerica Real Estate Investors, and is part of an active programme of investing in retail parades and neighbourhood centres throughout the UK”.

LSRs retained agent, Mason & Partners advised on the acquisition and Cheetham & Mortimer acted for St. Modwen.

With a five million sq ft national retail portfolio of circa 25 projects, St. Modwen is one of the few developers with several live major schemes across the UK and a pipeline of development activity to come. St. Modwen’s retail development pipeline includes a mix of town centres, high streets, shopping malls, district centres, out of town retail parks and complementary retail for office and residential-led sites.