Land Securities has confirmed its acquisition of the Greyhound retail and leisure park in Chester from British Land for £67m, a 5.6% yield.
The scheme comprises 204,000 sq ft of retail and leisure space, of which the retail has open A1 non-food consents, and follows the purchase of LxB in the summer, which included the nearby 150,000 sq ft Chester Retail Park.
The acquisition brings LandSec’s total number of out of town assets to 33, in addition to their 28 strong shopping centre portfolio and 11 supermarket assets.
LandSec portfolio manager Hermione Mackrill said: “The two parks are key elements of Chester’s out of town retail offer and our enlarged holdings will offer a number of asset management opportunities to enhance the retail offer and tenant performance.”
The company is also understood to be eyeing Slough Estates’ 81,000 sq ft Deva retail park in a bid to further increase its holdings in Chester.
Savills advised LandSec; Colliers CRE acted for British Land.
References: EGi News 30/11/05
