Land Securities has announced the exchange of contracts for the sale of a portfolio of high street retail properties to Norwich Property Trust Limited for £95.3m, giving an initial yield of 5.1%.
The following properties were included in the portfolio:
- Canterbury - Longmarket
- Hull - Queens House
- Plymouth - 10/22 Cornwall Street
- Plymouth - 24/34 Cornwall Street
- Plymouth - 36/46 Cornwall Street & 152/158 Armada Way
- Plymouth - 135/147 Armada Way & 51/63 Cornwall Street
- Stafford - Gaolgate Place
Commenting on the sales, Richard Akers, Managing Director, Retail Portfolio at Land Securities, said: "The sale of this portfolio of high street properties reflects our strategy of investing in dominant retail assets - shopping centres and retail parks where there are opportunities to add value through active asset management."
Land Securities was advised by Jones Lang Lasalle and Knight Frank advised Norwich Property Trust Limited.
Source: Land Securities