Land Securities has bought a leisure and restaurant complex in Bath from real estate investment company Aprirose in an off-market transaction for £20 million (approx. 23 mln.). The investment offers a 6.3% net initial yield with a reversionary yield of 6.9%.
Kingsmead, a 90,000 ft² (8,330 m²) property in the heart of Bath, is a major attraction for residents and tourists and houses the only multiplex cinema in the city. The center has well-known brands including Nando's, TGI Friday's, Fitness First and Odeon Cinema.
Land Securities' Managing Director for the Retail Portfolio, Richard Akers, said: "Leisure is an integral part of our retail business and is increasingly important as consumers seek successful destinations where they can shop, eat out and be entertained. This acquisition will further strengthen our already excellent relationships with leisure operators across our portfolio and Bath's status as a leading tourist destination offers strong growth potential."
Source: Land Securities