Land Securities has acquired a leisure centre in the English city of Nottingham for 拢50 mln (EUR 61 mln). The vendor of the 21,000 m[sup]2[/sup] Cornerhouse was BP Pension Fund.
Land Securities has acquired a leisure centre in the English city of Nottingham for 拢50 mln (EUR 61 mln). The vendor of the 21,000 m2 Cornerhouse was BP Pension Fund.
The investment volume in the off-market transaction reflects a net initial yield of 6.6% after expiry of a rent-free period
The Cornerhouse is the only purpose-built leisure scheme in Nottingham and is anchored by a 14-screen Cineworld - the city's sole multiplex. The scheme also includes 11 restaurants, two bars, a nightclub and a casino.
Richard Akers, head of the retail business at Land Securities, said, 'The acquisition gives us a presence in one of the key cities in the UK. Leisure is a vital element of our retail portfolio and will continue to be so as we see consumers demand increasingly sophisticated and dynamic destinations'.
Jones Lang LaSalle advised Land Securities; AHBN advised BP Pension Fund.
Land Securities is one of the largest real estate investment trusts (REITS) in Europe. The company has two businesses in the UK. Its retail portfolio comprises 24 shopping centres and 19 retail parks, valued at EUR 6 bn. The London portfolio consists of 880,000 m2 of office and retail space valued at EUR 7.2 bn.
