St Modwen has agreed the disposal of two retail assets in Longbridge, Birmingham and Wembley, London via two separate transactions.
The two assets made up 27% of the company’s retail property portfolio by value as of November 2017. On average, the combined consideration marks a 4% discount to the latest book value of the assets.
The 220,000 sq ft Longbridge Shopping Park in Birmingham is being sold to Columbia Threadneedle Investments on behalf of Zurich Assurance for £53.6m – a 6% yield, and the 118,000 sq ft Wembley Central shopping centre and Travelodge in London is being bought by an undisclosed buyer.
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