Pontarddulais Road Retail Park

Swansea

This asset was acquired from LaSalle Investment Management in Q4 2019 at a significant discount to book value. It represents the first acquisition in a new strategy of acquiring retail assets to counteract excessive institutional pessimism towards the retail sector, which builds upon the principles of contrarian investing that defined our office portfolio build-up 2011-2014. This high-quality park was developed by LandSec plc and includes as its principal tenant an M&S Foodhall secured on a long lease, with excellent store profitability.