Newport's Maesglas Retail Park is among four major South Wales properties acquired in what is said to be Britain's largest commercial property deal, worth around £1.3bn.

The record transaction was clinched by international property consultants King Sturge on behalf of its client, ING Real Estate, after protracted negotiations began in March.

King Sturge used its extensive UK office network to provide detailed local property advice and this, together with its national investment expertise, ensured the purchase of the Abbey portfolio, previously owned by Scottish Mutual and Scottish Provident.

It comprises 128 properties covering a total floorspace of 3.3 million square feet and has an annual rental income of £75m.

The properties are spread throughout the UK and include two properties in Cardiff and one in Swansea.

Maesglas Retail Park situated at Docks Way, is one of the city's most established retailing locations. Tenants include, Halfords, Petsmart, TK Maxx, Argos and Next.

The other Welsh properties are at Newport Road and Queen Street, Cardiff, and Swansea's Phase II Parc Tawe retail warehouse park.