Friars Walk under new ownership
Newport’s Friars Walk retail and leisure centre is under new Canadian ownership. The scheme, which extends to 390,000 sq ft, has been sold by Queensberry Real Estate to Canadian investment company Talisker Corporation.
The value of the deal has not been disclosed, but will enable Newport Council to repay a £90m low-interest loan it took out with the UK Government’s Public Works Loan Board to finance its constuction.
However, when asked, the council would not clarify if the proceeds from the deal would cover the repayment in full or if an element would have to be found from their own financial resources. A spokesperson said a full report is being prepared for cabinet members to discuss at their meeting in July.
Friars Walk opened in the autumn of 2015, with 35 stores, restaurants, a bowling alley and a cinema.
Last summer a deal between the two companies fell through, but both parties said this was not a result of the Brexit referendum vote.
At the time, a spokesperson for Queensberry Real Estate said they would continue discussions with other “interested parties” to sell the £110m asset. In November last year it was reported that discussions had resumed.
Newport Council leader Debbie Wilcox said: “Firstly, I would like to thank all those involved in what is necessarily a complex process for successfully completing the sale and welcome Talisker to the city.
“I believe their confidence and commitment to Friars Walk bodes well for the future of both the centre and Newport.
“The council will have a continuing financial interest in the scheme through a small share in the rental income that will bring benefits to the city for many years to come.”
David Howard, of Talisker, said: “We are very excited about the newest addition to our portfolio of UK properties. Friars Walk offers a modern, well thought-out scheme with a secure income stream with a lot of potential for future growth.
“We look forward to working closely with the community, our tenants and the city council to ensure that Friars Walk continues to mature into the true heart of Newport.”
Paul Sargent, chief executive of Queensberry, said: “It was always our intention to develop and sell on Friars Walk.
“I believe Friars Walk is at a good point as we move on. It has been successfully trading since November 2015. Last year it was awarded REVO’s coveted Gold Award for Best New Centre of 2015.
“Footfall is strong, averaging over 10 million visitors a year, and tenants are reported as trading well.”