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Retail park bought in Exeter - property development finance

Published: 16.5.2008

A retail park in Devon has been bought by finance firm CIT for £42.05 million.

The Property Development Finance was spent on acquiring Exeter Retail Park from Hermes Real Estate, the Retail Bulletin reports.

It consists of ten units comprising a total of 114,542 sq ft of space, with major firms represented including the likes of Currys, Argos, Harveys and Allied Carpets.

Hermes spokesman Russell Black said the sale would enable the company to spend more of its Property Development Finance on developing other retail parks in Stratford-upon-Avon, Basildon and Tottenham.

Another instance of a major retail centre being bought has occurred in Cleveland.

Mowden Park Estates has spent £2.36 million acquiring the new 30,000 sq ft Roseberry Shopping Centre from Leeds-based developers Sterling Capitol, reports The Business Desk.

The centre, located in Redcar near Middlesbrough, has been constructed as a replacement for the previous shopping centre on the site, which was built in the 1960''s.

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