Land Securities (LandSec) has sold eight prime retail investment sites to CBRE Investors for £58m. The deal reflects an initial yield of 5.18%.
The eight sites, which house around 25 high street stores including Next, Halifax, Abbey National and Dolland and Aitchison, are situated in Kingston, Norwich, Walsall, York, Southampton, Plymouth, Chester and Birmingham.
The sale is part of LandSec’s strategy of selling off its non-core properties.
The portfolio was initially put on the market with a £54m price tag, but intense competition pushed the price up. More than 10 bids were placed for the portfolio, with most interest coming from the mainstream funds.
Contracts for the sites were exchanged on 24 December 2004.
Dalgleish acted for Land Securities, while CBRE acted for CBRE Investors.
References: EGi News 06/01/05
