UK property group Land Securities has completed the sale of 拢83 mln (EUR 93 mln) worth of retail assets from its shopping centre and retail warehouse portfolios during the last two months. The sale of the portfolio generated an average initial yield of 7.55% and all properties were sold individually to institutional investors. The properties sold include the Victoria Shopping Centre, Harrogate and food stores in Great Barr, Birmingham, Thorpe Road, Melton Mowbray and George Street, Bury.
UK property group Land Securities has completed the sale of 拢83 mln (EUR 93 mln) worth of retail assets from its shopping centre and retail warehouse portfolios during the last two months. The sale of the portfolio generated an average initial yield of 7.55% and all properties were sold individually to institutional investors. The properties sold include the Victoria Shopping Centre, Harrogate and food stores in Great Barr, Birmingham, Thorpe Road, Melton Mowbray and George Street, Bury.
Commenting on the sales, Richard Akers, Managing Director, Retail Portfolio at Land Securities, said: 'Realising these asset sales demonstrates that there is investor appetite in the retail market. Retail properties of smaller lot sizes and food stores continue to be perceived as offering good value by providing a strong rental income stream. The capital released by these sales will be reinvested within the business where we continue to focus on retail assets where there are opportunities to add value through active asset management and development activity.'
Land Securities was advised by Franc Warwick, Jones Lang LaSalle and Colliers CRE.
