18th Jan 2006 08:00
Land Securities Group Plc18 January 2006 18 January 2006 LAND SECURITIES GROUP PLC ("Land Securities") Land Securities announces sale of regional high street properties Land Securities announces the exchange of contracts for the sale of a portfolioof high street retail properties to Norwich Property Trust Limited for £95.3m,giving an initial yield of 5.1%. The following properties were included in the portfolio: • Canterbury - Longmarket • Hull - Queens House • Plymouth - 10/22 Cornwall Street • Plymouth - 24/34 Cornwall Street • Plymouth - 36/46 Cornwall Street & 152/158 Armada Way • Plymouth - 135/147 Armada Way & 51/63 Cornwall Street • Stafford - Gaolgate Place. Commenting on the sales, Richard Akers, Managing Director, Retail Portfolio atLand Securities, said: "The sale of this portfolio of high street properties reflects our strategy ofinvesting in dominant retail assets - shopping centres and retail parks - wherethere are opportunities to add value through active asset management." Land Securities was advised by Jones Lang Lasalle and Knight Frank advisedNorwich Property Trust Limited. -ends- For further information please contact: Richard Akers/Melissa WinsorLand SecuritiesTel: 020 7413 9000 Notes to Editors Land Securities has been at the forefront of the UK's commercial propertyindustry for over 60 years. The Group maintains its market leading position as the UK's largest quotedproperty company by providing property investment, development and outsourcingactivities to a wide range of occupiers. Land Securities holds a market leading position in three areas: • Retail, • London offices and • Property outsourcing. Its £11.5 billion combined investment portfolio totals over seven million sqmetres, and the substantial development programme includes major retail-ledurban regeneration schemes, Central London mixed-use developments and Europe'slargest regeneration scheme, Kent Thameside. Land Securities owns and manages £6.9 billion of retail property throughout theUK, accommodating hundreds of retailers, along with many businesses in therestaurant and leisure industries. The portfolio includes 28 shopping centresand designer outlets, 33 retail parks and central London retail. Through the extenstive retail development programme it will create approximately340,000 sq m of new floor space over the next five years, reinvigorating townand city centres with new urban environments. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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