// Landsec raises capital from two retail park sales
// The company said the sales of its sites in Cumbria and Blackpool total £54.3 million
Property developer and landlord Landsec has agreed to sell two retail parks, in a move that will help contribute funds to its focus on London projects.
The company said the disposals of sites in Cumbria and Blackpool total £54.3 million, marking a 15 per cent premium to their March book value.
Retail parks have performed well during the pandemic, as customers welcomed having larger space to shop in, and the ability to easily drive to stores.
However Landsec has previously said it wants to generate capital from this sector of the property market, where it has little or no competitive advantage to rivals.
Last October Landsec chief executive Mark Allan said the company, which has a £10.8 billion property portfolio, would look to exit retail parks, leisure and hotels and focus on central London, including offices.
The retail park in Cumbria was sold to Supermarket Income Reit, and Columbia Threadneedle acquired the Blackpool site.
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.
Philip Davies, head of investment at Landsec, today said: “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.”