Land Securities has sold Corby town center and Willow Place, a shopping and leisure destination of 700,000 ft² (65,000 m²), to Helical Bar for £70 million (approx. 80.5 mln.) at a net initial yield of 7.9%. Land Securities bought Corby town center through the acquisition of Tops Estates in 2005, and in 2007, the company extended the shopping and leisure area with Willow Place which is the fully let flagship of the retail pitch.
Richard Akers, Managing Director for Retail at Land Securities, said: "Since we acquired Corby town center six years ago, we've expanded it and strengthened the town's position. The center and asset teams have done a tremendous job in elevating the offer and shopping experience. Now, the time is right for us to sell it, recycle the capital and reinvest the funds in new opportunities."
Duncan Walker, Investment Director at Helical Bar, commented: "Corby is a strong town with a fast growing population and its retail offer dominates the catchment area. The assets we have acquired generate a strong cashflow and offer the potential to enhance value through an active programme of asset management. This significant acquisition brings the total of assets bought by Helical during 2011 to over £185 million and is in line with our stated focus of purchasing assets that, through the application of a range of initiatives, present clear opportunities to grow income and thereby drive increases in capital value over time."
Savills represented Land Securities and CBRE worked on behalf of Helical Bar.
Source: Land Securities