Europa Capital is close to selling its Fremlin Walk shopping mall in Maidstone, Kent, for more than £95m – a circa 7% yield.
It is the second time in less than three months that the European fund manager has been in advanced talks to sell the 350,000 sq ft mall.
In May, it was preparing to sell Fremlin Walk to Aviva Investors for £100m – a 6.5% yield – but the deal collapsed a month later. It is now in talks with Legal & General.
Europa bought the shopping centre from Land Securities for £70m – an 8.75% yield – just over a year ago.
The acquisition would be L&G’s latest in a string of deals. In June, it bought the Blenheim Centre in Hounslow, Middlesex, and Castle Place shopping centre in Trowbridge, Wiltshire, for £35.5m and £7.8m respectively, and is in talks to buy the LxB3 portfolio for £150m.
DTZ is advising Europa Capital; CBRE is acting for L&G.
annabel.dixon@estategazette.com
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