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.
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