A North Shields waterpark which underwent a major redevelopment in 2014 has new owners following a £2.9m acquisition by real estate investment firm AEW UK Long Lease.

Serco Leisure, which manages and operates the Wet 'n' Wild Water Park in Royal Quays, Newcastle-upon-Tyne, has a lease on the property for a further 22 years, having been granted a 25 year lease following the 2014 £1.1m revamp.

The waterpark offers more than 1km (0.62m) of slides, with the previous investment including development of a new reception, shop and café, as well as a children's soft play area and the installation of a dedicated family changing village.

AEW announced the acquisition alongside that of a Travelodge hotel and Salvation Army retail unit in Swindon for a sum of £6.3m.

The joint acquisition is the first for AEW, which raised £80.5m from institutional and retail investors at its initial public offering (IPO) on 6 June. The investor has said that it plans to “substantially invest” the net proceeds of the IPO within nine months of its original listing.

"Both properties reflect our commitment to investing in sectors that are often underrepresented in institutional portfolios,” said Alex Short, director of AEW UK Investment Management.

"The property pipeline is looking positive and we will continue to pursue attractive opportunities that are aligned with our rigorous investment approach."