Wrexham’s 140,000 sq ft Island Green sold to investment firm

The city centre shopping park has been acquired by Focus Estate Fund from Nuveen Real Estate, having been on the market for a number of years.

Jonathan Phillips from Metis Real Estate Advisors acted as the seller’s agent on behalf of clients of Nuveen, with the most recent guide price for the retail park being £12.5m.

Cushman & Wakefield, with Griff Lewis and Marcus Wood, represented Focus Estate Fund in the deal.

This acquisition represents the first in the UK by the Luxembourg based fund, which specialises in ‘non-prime’ retail properties in western and central Europe.

Current tenants at the retail park include Next, Smyths Toys, Poundland, and Iceland Food.

The total gross internal floor area of the retail park measures 130,305 sq ft.

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, recognized 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.”

Shkolnick added that the fund is looking for new tenants at the retail park, and other opportunities in the UK.

He said: “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.”

Marcus Wood, head of retail and leisure investment at Cushman & Wakefield added: “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.”