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Sale of Friars Walk shopping centre falls through as discussions with Canadian buyers break down

The following article has been extracted from Wales Online:

A Canadian property management company was due to buy the Newport shopping centre

The sale of the Friar’s Walk shopping centre in Newport to a Canadian property management company has fallen through.

Owners Queensberry Real Estate are now looking for new buyers. A spokesperson for the company said: “We are continuing discussions with several other interested parties to negotiate the sale of the £110 million asset.

“Negotiations are also underway for the majority of the remaining retail and restaurant units and trading figures are hitting forecast projections. We are continuing to work closely with Newport City Council on all activity.”

Property Week magazine report Canadian company Talisker had been under offer to buy the centre but discussions have broken down.

Negotiations ongoing

Friars Walk opened in November last year, with 35 stores, restaurants, a bowling alley and a cinema.

According to the South Wales Argus although the collapse of the deal is not related to last week’s referendum vote to leave the EU, it could have serious repercussions for Queensberry in the post-Brexit landscape.

Queensberry appointed agents at BNP Paribas Real Estate to sell the property in September last year.

Will Godfrey, chief executive of Newport City Council, told the publication: “We understand that negotiations between Queensberry Real Estate (QRE) and a number of potential purchasers are ongoing and, in the meantime, they continue to let the remaining retail and restaurant units.

“Under the legal agreement with the council, QRE has to repay the council loan plus interest by December 2016.”

Source: Click here