First World Hybrid Real Estate take over Marina Quay Retail Park
An Isle of Man investment firm has bought a shopping park in Rhyl, Wales for 17 million pounds.
It’s the first retail acquisition by First World Hybrid Real Estate, who are managed by FIM Capital Ltd of Athol Street, Douglas.
The deal sees them taking ownership of the Marina Quay Retail Park from Scarborough Development Group.
The £17m deal represents a net initial yield of 6.25%. Marina Quay generates annual rent of £1.1m.
The 12-acre North Wales shopping centre boasts Aldi as its anchor tenant.
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