Land Securities announces the completion of two transactions comprising the sale of regional retail properties, totalling 21,000 mÂ², to four purchasers for approximately Â£115m.
In one transaction, Land Securities completed the sale of a portfolio of eight high street retail properties to CBRE Investors acting on behalf of in-house pension fund clients for a figure in excess of Â£58m, showing an overall initial yield of 5.14%.
The following properties were sold:
- City Arcade, Birmingham
- 23/25 Foregate Street & 10 Frodsham Street, Chester
- 63/65 Above Bar Street & 30 Portland Street, Southampton
- 82-87 Bradford Street & 1/11 Park Street, Walsall
- 10/10A Coney Street, York
- 56/58 Clarence Street & 90 Eden Street, Kingston upon Thames
- 4-4D Castle Street, Norwich
- 22/24 New George Street, Plymouth
In a further transaction, Land Securities exchanged contracts for the sale of its Coventry retail holdings for a sum in excess of Â£57m, showing an initial yield of 5.9%. The transaction involved the sale to Morley Fund Management, acting for and on behalf of Norwich Property Trust Limited, of The Precinct, Coventry comprising 33 shops and Leofric Hotel for approximately Â£51.8m and the sale to Morley Pooled Pensions Limited of 21/25 Hertford Street, comprising 4 shops and a public house for approximately Â£5.3m.
Commenting on the transactions, Richard Akers, Managing Director, Retail Portfolio at Land Securities, said:
âThese properties are all let to strong tenants and have performed very well for Land Securities during our period of ownership, creating significant value for shareholders. The sales are in accordance with our strategy of investing in shopping centres and retail parks where there are opportunities to add value through active asset management.'
Land Securities was advised by Dalgleish on the high street portfolio and Franc Warwick on the properties in Coventry.
CB Richard Ellis represented CBRE Investors. Knight Frank represented Norwich Property Trust Limited and Morley Pooled Pensions Limited.
Source: Land Securities