City leisure complex is bought for £20.5m

ONE of Wales’ leading leisure venues has a new owner after Stadium Plaza in the centre of Cardiff was snapped up in a £20.5m deal.

The venue, whose tenants include Vue Cinema, Bierkeller and Superbowl, has been bought by Naissance Capital Real Estate.

Stadium Plaza, next to the Principality Stadium, was built on the site of the former much-loved Empire Pool.

The purchase is the latest multi-million pound deal by Naissance in the heart of the Welsh capital. Last year, it acquired Cardiff’s House of Fraser, on behalf of its private clients, in a £37m deal.

Stadium Plaza was sold by an undisclosed property investor.

Those involved with the deal said the venue would be well placed to benefit from the massive changes being made at nearby Central Square, where the BBC Wales HQ is being built.

Lloyds Bank Commercial Estate provided Naissance Capital Real Estate with a five-year £10.5m loan to support its acquisition.

The investment loan is the first deal between Lloyds Bank and the Londonbased boutique commercial and residential real estate firm.

Azeemeh Zaheer, chief executive of Naissance Capital Real Estate, said: “Cardiff is experiencing significant levels of new investment and development, specifically in the area around the Principality Stadium.

“This is an excellent asset which we plan to enhance and retain on a longterm basis.

“Lloyds Bank’s support was pivotal to our ability to make this acquisition, which has strengthened our portfolio and will create long-term value for our clients.”

David White, lead business development director for Lloyds Bank Commercial Real Estate said: “The UK’s leisure market is booming and Stadium Plaza, already a popular and well-invested scheme, is set to benefit from the major development taking place at Cardiff Central.

“The team at Naissance Capital Real has shown excellent foresight in making this deal and we’re pleased to be supporting its ongoing investment into the Welsh capital.”