Tuesday, December 18, 2012
THE Parkway leisure and retail development in Bury St Edmunds is under new ownership.
International property investment manager LaSalle has acquired a long leasehold on the scheme on behalf of an undisclosed client.
Tenants within the 41,000sq ft development, which was completed in 2005, include Cineworld which operates the centre’s anchor eight-screen multiplex cinema complex.
There are also five restaurant and take-away units, occupied by national operators Frankie & Benny’s, Ask Pizza, Giraffe, Subway and KFC.
The value of the leasehold transaction, on which LaSalle was advised by Knight Frank, remains confidential.
LaSalle has around US$47billion (£29billion) of assets under management, on behalf of clients including private and public sector pension funds, insurance companies, governments and private owners.
The company said a key factor in the success of the Parkway complex was its location closed to the retail core of Bury, including the arc shopping centre.
Spokeswoman Ruth McFetridge added: “We are extremely pleased that this deal has been completed and it is great news for our client.
“The Parkway is an iconic destination in the local area and is one of the primary retail and leisure attractions of the town.
“Since its opening in 2005, the Parkway has had an extremely strong tenancy record and the trade levels have remained robust. These factors combined to make the scheme a highly attractive investment proposition.”