Landsec is aiming to sell its retail park in Poole, Dorset, for circa £48m and The Peel Centre in Bracknell, Berkshire, for around £62m.
The REIT has appointed Morgan Williams to find a buyer for both, with scope to turn it into a package deal.
The retail park in Bracknell, which measures 165,000 sq ft, is understood to reflect a net initial yield of circa 8.5%. Its tenants include Next, Sports Direct, Carpetright and Morrisons.
Meanwhile, the £48m price tag for Poole Retail Park is thought to reflect a yield of around 7.5%.
Previously known as the Commerce Centre, the 208,000 sq ft site’s tenants include John Lewis at Home, DW Sports Fitness, Decathlon and Pets at Home.
Landsec declined to comment on individual transactions but said it has halved its retail park exposure over the past decade to form 21% of its portfolio – and “will continue to exit them in an orderly fashion”.
It comes after Landsec told EG last week that although it was open to offers, it “would not be the right time to have the ambition to sell retail assets”.
In total, the landlord counts 10 retail parks among its portfolio.
In November, it highlighted Poole as one of the assets in its portfolio worst hit by yield shift and retailer company voluntary arrangements during the six months to 30 September.
The REIT’s retail portfolio recorded an 8.4% decline in valuation during the year to 31 March, with retail parks down by 15.5%. Rental income across its retail assets declined by £10m.
Morgan Williams did not respond to requests for comment.
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