29th Apr 2014 09:44
LONDON (Alliance News) - British Land PLC said Tuesday it has sold two retail parks in Dumbarton and Cwmbran for GBP78 million.
St James Retail Park in Dumbarton has been sold to The Legal & General Property Unit Trust for GBP45.75 million, representing a net initial yield of 5.9%.
Cwmbran Retail Park has been sold to UBS for GBP32.3 million, representing a net initial yield of 6.4%.
The 250,000 square foot St James Retail Park is anchored by Asda, M&S Simply Food and Homebase and other occupiers include Argos, Halfords and Frankie & Benny's. Cwmbran Retail Park comprises 136,000 square feet with retailers including B&Q, Next, TK Maxx, Brantano, Currys/PC World and Pets at Home.
"These sales are in line with our strategy to further focus our retail portfolio on high quality, locally preferred shopping destinations. Over the last 12 months, we have sold GBP386 million of retail assets which is broadly matched by the acquisitions we've made. Our most significant acquisition was SouthGate, a high quality shopping centre in Bath," Charles Maudsley, Head of Retail for British Land.
British Land was represented by CBRE (Dumbarton) and Savills (Cwmbran). Legal & General was represented by Strutt & Parker and UBS by Cushman & Wakefield.
Shares in British Land were trading marginally higher Tuesday morning, up 0.58% at 693 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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