Festival Leisure Park sold for £12.5m

Real estate investment manager Valad Europe has bought the Festival Leisure Park in Blackpool from Scottish Widows Investment Partnership for £12.5m, a yield of 8.9%.

The 95,500 sq ft park is made up of five leisure units on an 8.5-acre site. The park is fully let to five occupiers; Odeon Cinema, Bannatyne's Health Club, Frankie & Benny's, McDonald's and Spirit Pub.

The asset was bought on behalf of the Valad European Diversified Fund, as part of a £23.7m acquisition of properties across the UK, including buildings in Jersey and Wolverhampton.

Strutt & Parker acted for Valad Europe.

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