Glasgow's Auldhouse Retail Park changes hands

A Glasgow retail park that boasts tenants including Homebase and Aldi has changed hands in a property investment deal.

Pets at Home is among the tenants at Auldhouse Retail Park. Picture: Contributed

Auldhouse Retail Park, which also houses Pets at Home and discount chain Home Bargains, has been acquired by Europa Capital and Ediston Real Estate from previous owner Aviva Investors.

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The retail park spans seven units and is fully let. Financial details surrounding the transaction were not disclosed.

James Fortescue, partner at Europa Capital, said: “We are delighted to have invested in another income-producing retail investment with our local partner. The recent lettings to Aldi and Pets at Home demonstrate the strength of retail occupier demand in this part of the UK.”

Alastair Dickie, of Ediston Real Estate, added: “This is an excellent off-market transaction where we worked with the vendor to secure a successful conclusion for both parties.”

Sales at Pets at Home have been boosted by price reductions and the success of its veterinary service last year, as the firm grapples with increased competition.

Pre-tax profits rose 5.8 per cent to £95.4 million in the year to March, off the back of 7.2 per cent growth in sales to £834m.

Revenues at the group’s veterinary arm jumped 25 per cent to £47m, with like-for-like sales rising 1.5 per cent across the group. Merchandise like-for-like sales rose 0.8 per cent in the period.