Land Securities has bought Hatfield Galleria in Hertfordshire from Lehman Brothers Real Estate Partners for £123m, reflecting an initial yield of 5.5%.
The 329,925 sq ft shopping centre comprises around 85 shops and restaurants, a nine-screen UCI cinema and 1,745 car-parking spaces.
The outlet has open A1 planning consent and is located between Junctions 3 & 4 of the A1.
The acquisition means that Land Securities’ retail portfolio comprises 31 shopping centres, 32 retail parks and 12 supermarkets.
Richard Akers, managing director of LandSec’s retail portfolio, said: “Our shopping centre portfolio has grown significantly this year and it will be strengthened further by the purchase of Hatfield Galleria.
“We are pleased to have secured this retail outlet, which we believe provides the opportunity for extensive asset management growth in a prominent location.”
WD Galleria will continue to manage the scheme. Brian Oakwell & Co and Cushman & Wakefield Healey & Baker are letting agents.
Land Securities was advised by Knight Frank. Franc Warwick advised Lehman Brothers Real Estate Partners.
References: EGi News 07/10/05
