Focus Estate Fund, a fund specialising in non-prime retail properties in Western and Central Europe, has acquired Island Green Retail Park in Wrexham. The Fund says this strategic investment marks a significant step forward for it as it enters a market known for its unique scale and dimensions, different market principles and some name variations compared to traditional European markets.
The tenant mix at 130,305sq ft Island Green currently comprises quality, well-known brands and chains such as Next, Smyths Toys, Poundland, Iceland Food and others.
Maxim Shkolnick, general partner at Focus Estate Fund, said: “This is a significant moment for us as a fund, as we venture into the UK market, recognised as a global leader in commercial real estate. We welcome the opportunity to engage with this dynamic market, its unique approach and standards.
“We are also proud that this deal was made possible through the professionalism of our partners and deal agents, especially Cushman & Wakefield. They have demonstrated a high level of expertise and have been invaluable partners in this important stage of our development. Island Green Retail Park is a prime asset with tremendous potential, and we are committed to building upon its success. We are excited to embark on this journey and are actively seeking new tenants to join our vibrant retail community. To prospective tenants, we offer a prime location, a diverse consumer base, and a dedicated management team ready to support your business growth. To our valued customers, we pledge to continue providing an exceptional shopping experience, with a diverse range of retailers and convenient amenities. We look forward to continuing to expand our portfolio not only in the UK but also in other key markets such as Italy, Spain, Czech Republic, and beyond.”
Cushman & Wakefield, with Griff Lewis and Marcus Wood serving as head of retail and leisure investment, represented the buyer, while Jonathan Phillips from Metis Real Estate Advisors acted as the seller’s agent on behalf of clients of Nuveen Real Estate.
Wood said: “Identifying new overseas investment capital, such as Focus Estate Fund, and then guiding them through the nuances of the UK investment market has always been a strength of Cushman & Wakefield’s EMEA retail investment team. Focus Estate Fund is looking to make further investments into UK retail property, with one asset under offer and others under consideration.”
