Ediston Real Estate and Europa Capital announce acquisition of Auldhouse Retail Park, Glasgow from Aviva Investors

Edinburgh, Scotland, 2017-May-31 — /EPR Retail News/ — Ediston Real Estate and Europa Capital have acquired Auldhouse Retail Park, Glasgow from Aviva Investors. Located close to the city centre, the property provides 116,656 sq. feet of retail warehouse accommodation across seven units. This Open Class 1 retail park is fully let to national retailers, including Homebase, Aldi, Pets at Home and Home Bargains.

Alastair Dickie, of Ediston Real Estate, said “This is a superb off market transaction where we worked with the vendor to secure a successful conclusion for both parties.   This is a really well located retail park with excellent opportunities to improve and enhance through extensive refurbishment, redevelopment and intensive asset management”.

James Fortescue, Partner at Europa Capital commented, “We are delighted to have invested in another income producing retail investment with our local partner. The recent lettings to Aldi and Pets at Home demonstrate the strength of retail occupier demand in this part of the UK. We look forward to further improving the park through active asset management and targeted capital expenditure.”

About Ediston
Ediston Real Estate is a UK property company based in Edinburgh with assets under management in excess of £650 million.

The company focuses on both investment and development, and has a track record of buying sub-standard, well located properties and transforming them into prime institutional quality investments.

Ediston has been actively investing throughout the UK since 2009/2010, through the Ediston Opportunity Fund and with newly raised funds through the Ediston UK Real Estate Trust, launched in 2012.

About Europa Capital
Europa Capital is a real estate fund manager focused on European markets. We add value utilising a variety of strategies implemented through active asset management, change of use or refurbishment and development in all property classes across Europe.

Since 1995, Europa Capital has collectively raised nine real estate funds and committed to over 105 transactions totalling more than €9.5 billion across 19 European countries.

Europa Capital is a member of Rockefeller Group International (RGI), a subsidiary of Mitsubishi Estate Co., Ltd. RGI is a strategic investor alongside management in Europa Capital’s investment management business.

Further information:
Call: 0131 225 5599

Source: Ediston Real Estate

Ediston Real Estate: Port Glasgow Retail Park’s second phase of construction work has begun

Edinburgh, 2015-12-11 — /EPR Retail News/ — Work has begun on the second phase of the £40 million Port Glasgow Retail Park, backed by Ediston Real Estate and Strathclyde Pension Fund.

The partners confirmed a string of household retail brands are lined up to occupy ten new units under construction for their Clydebuilt Fund – creating hundreds of new jobs and adding millions of pounds to the local economy.

The Fund purchased the existing B&Q and Costa Coffee along with adjacent land in September 2014 and is now building a 90,000 sq ft retail terrace, which is expected to be complete in August 2016.

Three units have already been let to global supermarket chain Aldi, B&M and Watt Brothers – with four more already under offer from new retailers, including a high quality fashion operator.

A final phase comprising a further 37,500 sq ft of retail space will commence during 2016, completing the 200,000 sq ft development; which adjoins the established 100,000 sq ft Tesco Extra and Marston’s Family Pub.

The finished development will not only provide the Fund and tens of thousands of pension savers with long-term, secure income, but will complete the regeneration of the Port Glasgow Waterfront and Town Centre development – making it the dominant retail location for the Inverclyde area.

Completing the retail park represents the final step in a 25-year regeneration plan for Inverclyde; which has already seen the remodelling of the town centre; the realignment of the A8, and the development of around 250 new homes.

As well as providing much-needed new retail space, it is anticipated the development will deliver approximately 700 jobs.

It is estimated that around £65 million in potential local retail expenditure is currently lost every year – and the Fund believes this development can reverse that trend and help retain a significant amount of that income in the area.

Alastair Dickie, Development Director at Ediston said: “The site start is a significant step in creating this strategic investment and completing the master plan which was started back in the 1990s.  We look forward to announcing further retail tenants which we hope will create a fantastic facility for Inverclyde.”

“This is the first major retail park that has been developed in Scotland since 2008. The response from retailers has been very impressive based on the limited marketing exercise undertaken to date and it underlines the strength of the location. This investment delivers the last piece of the Town Centre redevelopment and the development fits the aims of the fund to deliver excellent returns alongside a regeneration benefit.”

Councillor Paul Rooney, chair of Strathclyde Pension Fund and City Treasurer at Glasgow City Council, said: “I’m positive about seeing more of our members’ savings being invested in the communities in which they work and live – supporting jobs, businesses and regeneration.

“This is why we created the Clydebuilt Fund. For our members, it is a solid investment and the whole development is underpinned by a successful existing operation, including long-term leases to big retail names. However, we are now adding value to that investment in a way that will benefit not only the fund, but also Port Glasgow and Inverclyde.

“The expansion of the retail park will not only be welcomed by local shoppers; it will boost employment and help thousands of local people saving for their retirement.”

Invercyde Council’s Provost, Robert Moran, said: “It is welcome news that work is progressing on this exciting development. It is especially positive that major retailers are seeing Port Glasgow and Inverclyde as a location of choice in which to do business.

“This is a major investment in the area, a boost to the retail offer of Inverclyde and a great opportunity to deliver new jobs to the area.”

SOURCE: Ediston Real Estate


0131 225 5599
or email info@ediston.com


Ediston Real Estate: Port Glasgow Retail Park's second phase of construction work has begun

Ediston Real Estate: Port Glasgow Retail Park’s second phase of construction work has begun