Land Securities is poised to buy a portfolio of factory outlet centres from Hermes Asset Management for £340m.
The three assets in the portfolio are the 195,000 sq ft Clarks Village in Street, Somerset; the 200,000 sq ft Freeport Braintree Outlet Shopping Village in Essex; and the 245,715 sq ft Junction 32 Outlet Shopping Village in Castleford, West Yorkshire.
Factory outlets are rarely sold, with only five of the top 30 assets in the country traded over the past decade. Hermes instructed CBRE to find a buyer for the assets in September last year.
Hermes shops for outlet partner >>
Land Securities already owns three outlet centres: Gunwharf Quays, a 425,000 sq ft premium outlet in Portsmouth and The Galleria, a 320,000 sq ft outlet in Hatfield.
Knight Frank is representing Land Securities.
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