Land Secs sells Liverpool’s St John’s centre
LAND Securities has confirmed that it has exchanged contracts to sell the 413,000 sq ft St Johns Centre in Liverpool to InfraRed Capital Partners for £76.5m.
The deal is expected to complete in April.
Commenting on the sale, Richard Akers, managing director of its retail portfolio said: “We have recently completed a number of asset management initiatives at St Johns which have successfully positioned it as a value offer based centre in the heart of Liverpool.
“The sale will allow us to recycle the capital into other opportunities.“
InfraRed has said that it is “very enthusiastic and excited about investing into the St Johns Centre”, which contains more than 100 units occupied by the likes of Argos, New Look, Wilkinson, Poundland and JJB Sports.
The centre has an annual footfall of around 12m people.
Director Chris Huxtable said: “We see many UK retailers consolidating their footprint into centres that combine high footfall with affordable rents and adequate store sizes. The St John’s centre has the capacity to offer all these features, and we intend to capitalise on this with substantial new investment.”
InfraRed has appointed the Hark Group as asset managers and Munroe K Asset Management as property managers. It was advised by DTZ and Land Securities was advised by Jones Lang LaSalle.
