Land Securities sells award winning Whitefriars scheme (UK)

Land Securities has exchanged contracts for the sale of its award winning Whitefriars retail scheme in Canterbury city center to Henderson Global Investors and Canada Pension Plan Investment Board for £253 million (approx. €351 mln), giving a net initial yield of 4.1% and a nominal equivalent yield of 4.85%.

The retail holdings, which together make up the Whitefriars Quarter, total 600,000 ft² and are anchored by Fenwicks, Marks and Spencer and key national fashion retailers. The scheme comprises three properties:

  • Clocktower - redeveloped in the early 1990s;
  • Whitefriars - completed in 2005, winning the BCSC Supreme Gold award and an International Design & Development Award by ICSC; and
  • Marlowe Arcade – an extensive refurbishment completed in March 2007.

Francis Salway, Group Chief Executive of Land Securities, commented on the sale of the holdings, "Land Securities has been able to create significant value for its shareholders through the development and letting of this unique retail destination in the heart of Canterbury city center. The capital from the sale of the Whitefriars scheme will be reinvested into other projects within our significant retail development programme, which currently totals over £1.1 billion."

Henderson Global Investors' UK Shopping Centre Fund and the Canada Pension Plan Investment Board have formed a 50/50 joint venture to acquire the holdings.

Cushman & Wakefield acted for Land Securities, Morgan Williams acted for the purchaser.

Source: Land Securities

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