Landsec disposes of two north west retail parks
Real estate firm Landsec has sold two of its retail parks in the north west of England.
The move marks the first divestments from its non-core retail park portfolio since the group unveiled its new strategy for growth in October last year.
Blackpool Retail Park and and Workington’s Derwent Howe Retail Park have been sold for a combined sum of £54.3 million to Columbia Threadneedle and Supermarket Income REIT respectively.
Landsec said both transactions are in line with its strategy to position the group for long term growth and create value for all stakeholders.
Following the disposals, Landsec has seven retail parks remaining in its portfolio.
Phillip Davies, head of investment, Landsec, said: “In line with our strategy we have been increasing portfolio recycling as we look to make the most of Landsec’s strengths and invest in areas with greater growth possibilities. Retail parks represent a subscale sector for us and a clear opportunity to realise capital that can be better deployed in areas where we have a competitive advantage such as central London and urban mixed-use regeneration projects.”
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