LxB Properties, the recently established private property company, has made its largest investment yet with the £83m acquisition of two retail parks from Aberdeen Asset Management.
Working as part of a 50:50 joint venture with Deutsche Asset Management, LxB has bought the Tower Retail Park in Dartford and the Strood Retail Park, also in Kent.
Both retail parks have open non-food consent. The Dartford acquisition represents an initial yield of 3.5%, with a 5.5% yield for the Strood development.
Wilkinson Williams acted for LxB. Edgerley Simpson Howe represented Aberdeen.
LxB was launched in early 2003 by three former directors of Grantchester, Nick Alford, Nick Hewson and Tim Walton. The purchase of the two Kent retail parks is the latest part of a £350m investment drive that has also included the £48.25m acquisition of Chester Retail Park and the £45.6m purchase of Telford Retail Park.
Source: Freemans News / Estates Gazette
