Blackstone and Catalyst Capital have completed their sale of a London retail asset to Frogmore for 拢141.5m (鈧�165m).
The Stratford Shopping Centre in east London was sold by the joint venture six and a half years after purchasing it from Land Securities for 拢91.5m.
The 306,000sqft centre, let to tenants including Lidl and Sports Direct, produces 拢8.2m a year in annual rent.
The property also includes 113,000sqft of vacant offices and planning consent for a further 540,000sqft of space, which would include 587 residential units.
Frogmore鈥檚 director of acquisitions Patrick Smith said the centre, which is almost fully-let, benefits from an existing 26.5 million footfall.
鈥淥ur value-add strategy will be to capitalise on the huge footfall and increase dwell times by improving tenant mix within the scheme,鈥� Smith said.
Regeneration of the Stratford area was an 鈥渋mportant consideration鈥�, he said, along with the arrival of London鈥檚 east-to-west Crossrail line in 2019.
