Mon, 21 Feb 2022 | BUSINESS SALE
UK property group, British Land has acquired a shopping centre in Farnborough for £38m.
Blackwater Shopping Park, tenants of which include Next, TK Maxx, Boots, Outfit, Homesense, Mamas & Papas and Currys/PC World has been owned by Lothbury Property Trust (LPT) since 2014.
Lothbury Investment Management completed the sale on behalf of LPT, Ed Hockley, director at Lothbury Investment Management, said: "A sale of Blackwater Shopping Park conforms with the Lothbury Property Trust strategy to reduce the portfolio's exposure to the retail sector.
"The proceeds of the sale have been allocated to some key sustainable developments ongoing within the Fund in the life sciences and industrial sectors."
The recent acquisition comes after British Land bought a number of retail parks and warehouses last year. The FTSE 100 company said it was reinvesting cash in areas it had singled out as post-pandemic winners such as urban logistics, out-of-town retail parks and high-spec London offices.
Blackwater Shopping Park comprises 118,164 sq ft across 12 units including a standalone McDonald's drive-thru and a Costa Pod. It also has forecourt car parking provision for 609 cars.
In a statement last year, Chief Executive Simon Carter said: “We expect the value opportunity in retail parks to continue with rents stabilising and yields moving in.
“We look ahead with confidence in our ability to drive performance from our development, asset management and repositioning skills.”
Morgan Williams represented Lothbury Investment Management in the sale and British Land was represented by Avison Young.
Find businesses for sale here.
If you are looking for an exit, we can help!”
This award-winning retailer offers a unique blend of premium country-inspired products and exceptional customer service, making it an attractive opportunity for expansion within both national and international markets. With its robust supply chain ex...
This is a rare chance to acquire a prestigious freehold property and a flourishing windows, doors, and conservatory retail business renowned for quality craftsmanship and bespoke services across Cheshire, Shropshire, Mid and North Wales.
FREEHOLD
A well-established family business, originally founded in the 1930s and expanded since 1996, is now available for acquisition.
LEASEHOLD
04
|
Jul
|
East Midlands furniture manufacturer ceases trading | ADMINISTRATION
Andrew Paul Furniture Limited, a major furniture manufacture...
04
|
Jul
|
Yorkshire law company Ison Harrison merges with Skipton firm | MERGER
Ison Harrison, an employee owned law firm based in Yorkshire...
04
|
Jul
|
£37m-turnover pet food firm falls into administration | ADMINISTRATION
Kennelpak Limited, a private equity-backed pet products comp...
15
|
May
|
British Land set to sell European assets | COMMERCIAL PROPERTY
Property developer British Land is due to sell its portfolio...
09
|
Feb
|
Meadowhall stake goes on sale | BUSINESS SALE
British Land has put its 50 per cent stake in the Meadowhall...
17
|
Jan
|
Meadowhall shopping centre for sale | BUSINESS SALE
London & Stamford Property Plc has put its 50 per cent holdi...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.