22nd Jan 2014 09:54
LONDON (Alliance News) - British Land PLC Wednesday said it has sold the freehold of the Eastgate Shopping Centre in Basildon to Infrared Capital Partners for GBP88.6 million, part of its plan to dispose of assets that do not fit its strategy.
The property produces a net passing rent per year of GBP6.5 million with rents.
The 700,000 square foot scheme comprises a covered shopping centre, an Asda supermarket, a Debenhams department store, two office buildings and a 696 space multi-storey car park. Other retailers include Superdry, New Look, H&M, River Island, Topshop, Next and Primark.
"This year we will continue to sell retail assets which do not fit our strategy and reinvest the capital where we see better growth and return potential," Head of Retail, Charles Maudsley said in a statement.
The stock 674.44 pence Wednesday morning, up 1.94 pence or 0.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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