Cardiff's Capitol Shopping Park sold

Aberdeen Asset Management on behalf of a client fund has acquired Cardiff's Capitol Shopping Park

in a 59.65 million pound deal from PMG.

The shopping park, which was developed in 2008, has around 150,000 square foot of retail, leisure and office space, and its 21 tenants including fashion retailers Next, Outfit, Marks & Spencer, and Mamas & Papas, as well as SCS, DW Sports, Smyths Toys and Costa.

Ewan Montgomery, fund director at Aberdeen Asset Management, said: “We are delighted with the purchase of Capitol Shopping Park. This is a rare opportunity to buy the leading shopping park in one of the UK’s major cities and we believe that the property offers excellent prospects for long term growth and improvement.

“The purchase is in line with Aberdeen’s on-going strategy to invest in prime real estate with strong underlying fundamental characteristics.”

Mike Hall, managing director of PMG, added: “The sale of Cardiff Shopping Park represents the end of a 10 year project for PMG, which included the development of the Cardiff City Stadium, the Cardiff Athletics Stadium and the retail park. The investment by Aberdeen in Cardiff is a major boost for the city and we are sure they will continue to invest and improve the retail park and its surroundings.”