Belfast Telegraph

Wednesday 17 December 2014

Tesco superstore sold in £30m deal

The Tesco Extra superstore was sold by Portadown-based owner Turkington Holdings to Scottish Widows Investment Partnership
The Tesco Extra superstore was sold by Portadown-based owner Turkington Holdings to Scottish Widows Investment Partnership

A Newry retail development has been sold for £30 million in what is claimed to be one of the largest property deals in Northern Ireland this year.

The Tesco Extra superstore, which employs 300 staff on the Downshire Road, was sold by Portadown-based owner Turkington Holdings to Scottish Widows Investment Partnership.

The initial asking price was £27.3 million.

Tesco opened the store in June.

The sale was completed by commercial property agency CBRE. Managing director Brian Lavery said the deal was a landmark sale.

He said: "This is certainly the largest investment property transaction in Northern Ireland this year and one of the largest that we have seen for a number of years."

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