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13 Jun 2008 12:36
Press Release
Development Securities PLC acquires Atlantic Village in Bideford, North Devon
Development Securities PLC, the leading property development and investment company, today announced the acquisition of the freehold interest in Atlantic Village Shopping Park, Bideford, North Devon for £20 million at an initial yield of 7%.
The factory outlet centre comprises a site area of 20 acres, and totals 100,696 sq ft of existing retail space in 37 units and a children's play area. A new ASDA supermarket anchor is opening on the site in September 2008, which will considerably improve the location's footfall and profile.
Matthew Weiner, Director of Development Securities, said: "This acquisition continues our strategy of investment into our favoured sub asset class of neighbourhood convenience retailing, which, as in this instance, is typically anchored by a significant food store.
"We believe that the ASDA opening will change the nature of the Centre from factory outlet to convenience retailing allowing us to introduce more full price offer retailers. Additionally, there is the potential to extend the scheme and thus provide room for additional retail anchors which, in turn, will raise further the Centre's profile. We look forward to working with our local partners to deliver the potential."
For further information, please contact:
Matthew Weiner
Development Securities PLC 020 7828 4777
Richard Evans/Mallika Basu
The Communication Group plc 020 7630 1411
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