Investor sells stake in West Bromwich shopping centre in £4.75m deal
London & Associated Properties (LAP) has sold its leasehold interest in Kings Square, West Bromwich to the freeholder, Sandwell Council for £4.75m.
Kings Square forms part of a portfolio used as collateral for a 1997 debenture from Aviva expiring in August 2022 which LAP is in the process of refinancing.
The disposal continues LAP’s stated strategy of repositioning its portfolio away from shopping centres.
John Heller, LAP’s chief executive officer, said: “The Board constantly reviews LAP’s mix of assets and is satisfied that our investments represent a combination of strong current income, diversified asset class risk and realistic opportunities for growth over the medium term.”