Land Securities has announced the completion of the freehold sale of Caxtongate, Birmingham to Cosgrave Property Group for approximately £78.8m, giving an initial yield of 4.5%.
Caxtongate is a mixed-use scheme situated in the prime retail district of Birmingham bounded by New Street, Corporation and Cannon Streets.
Caxtongate comprises 12,100 m2 of retail let to tenants including Jane Norman, Jigsaw, Hobbs and Ted Baker, together with 1,400 m2 offices and 22 apartments on the upper levels. Phase 1 completed in September 1997 and Phase 2 completed in February 2000.
Commenting on the sale, Richard Akers, Managing Director, Retail Portfolio at Land Securities, said: "Recent sales of high street properties such as Caxtongate reflect our strategy of focusing on dominant retail assets where there are opportunities to add value through active asset management. We will continue our investment in Birmingham through our joint ownership of the Bullring and the recently unveiled plans for Martineau Galleries."
Land Securities was advised by Franc Warwick and DTZ advised Cosgrave Property Group.
Source: Land Securities