British Land sells £78 million of Retail Parks (UK)

British Land announced the sale of two retail parks in Dumbarton and Cwmbran for £78 million (approx. €94.65 million):

- St James Retail Park in Dumbarton has been sold to The Legal & General Property Unit Trust for £45.75 million (approx. €55.51 million) (a net initial yield 5.9%)

- Cwmbran Retail Park has been sold to UBS for £32.3 million (approx. €39.2 million) (a net initial yield 6.4%)

The 250,000 ft² (approx. 23,225 m²) St James Retail Park is anchored by Asda, M&S Simply Food and Homebase and other occupiers include Argos, Halfords and Frankie & Benny's. Cwmbran Retail Park comprises 136,000 ft² (approx. 12,636 m²) with retailers including B&Q, Next, TK Maxx, Brantano, Currys/PC World and Pets at Home.

Charles Maudsley, Head of Retail for British Land, said: "These sales are in line with our strategy to further focus our retail portfolio on high quality, locally preferred shopping destinations. Over the last 12 months, we have sold £386 million (approx. €468.4 million) of retail assets which is broadly matched by the acquisitions we’ve made. Our most significant acquisition was SouthGate, a high quality shopping centre in Bath."

British Land was represented by CBRE (Dumbarton) and Savills (Cwmbran). Legal & General was represented by Strutt & Parker and UBS by Cushman & Wakefield.

Source: British Land

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