A US investor has acquired AshbyCapital’s £220m (€262.6m) UK retail park portfolio.

AshbyCapital said it has sold the portfolio consisting of three assets in Swansea, Leeds and Glasgow to the unnamed US investor.

The portfolio, acquired in three separate transactions between 2015 and 2019, includes the 345,000sqft Morfa Shopping Park near Swansea, the 120,000sqft Westside Shopping Park in Guiseley in Leeds, and the 265,000sqft Abbotsinch Shopping Park in Paisley in Glasgow.

AshbyCapital and asset manager Quadrant subsequently undertook various initiatives at the parks, including securing new tenants, facilitating upgrades and improving landscaping and public areas. 

Tom Smithers, property director at AshbyCapital, said: “We invested in these parks at a time when many investors had turned their back on physical retail. Yet the right type of retail, in strong locations and let to retailers with a multi-channel approach and a relevant offer, still serves a significant role in communities across the UK.

“Having focused on quality shopping parks that dominate in their local areas and having invested to drive significant improvements and increase rental returns, we’re pleased to sell this portfolio against an improved backdrop for the retail sector.”

John Maddison, partner and head of asset management at Quadrant, said: “This sale concludes a successful nine-year partnership with AshbyCapital that adds to our strong track record of working with investors to drive the performance of out-of-town retail parks.

“As the only truly independent and privately owned specialist operating partner in this sector, we look back with pride at the gradual but significant transformation we’ve delivered across these assets, increasing rentable space, improving the experience for customers and securing new tenants and seeing rental growth ahead of the wider market.”

To read the latest IPE Real Assets magazine click here.