Landsec sells more retail parks, Martineau Place also sold

By

Sandra Halliday

Published
Sep 24, 2021

This week has brought a number of moves in the property sector as Landsec said on Friday that it has sold two retail parks, while a joint venture acquired Martineau Place shopping centre in Birmingham.

Landsec said the sales of its properties makes it the first divestments from its non-core retail park portfolio since the group unveiled its new strategy for growth in October last year.

The two disposals are Derwent Howe Retail Park, a 120,000 sq ft site located in Workington, Cumbria, and its Blackpool Retail Park. They were sold for £54.3 million representing an average 15% premium to the March 2021 book value and an average yield to the purchasers of 7%.  

Landsec sold Derwent Howe Retail Park, Workington to Supermarket Income REIT, while the sale of Blackpool Retail Park was agreed with Columbia Threadneedle.

Both transactions are “in line with Landsec’s strategy to position the group for long-term growth and create value for all stakeholders”. The company now has seven retail parks remaining in its portfolio.

Meanwhile, Property Week reported that global investment firm Sixth Street and private equity real estate firm Henley Investments have bought Martineau Place in Birmingham from its investment firm owner.

The 300,000 sq ft shopping centre has tenants including Deichmann, Top Tailor, Boots, Sainsbury’s, Argos, and Poundland.