Discount shopping village snapped up in £332.5m deal
Land Securities has acquired a discount shopping village in West Yorkshire as part of a £332.5m deal for a trio of centres.
The portfolio includes J32 in Castleford, Freeport Braintree in Essex and Clarks Village in Somerset, all of which it acquired from Hermes Investment Management.
Together they have an annual rental income of £21.6m.
J32, which is 20 minutes from Leeds city centre, is home to 90 outlet stores including Barbour, M&S and Cadbury outlets, as well as discount chains Card Factory and The Works.
The outlet centre, previously named Freeport Castleford, was built in 1999 for nearly £50m on the site of the former Glasshoughton Colliery and underwent a £16m revamp in 2005.
Scott Parsons, managing director, retail at Land Securities, said: “Our Retail strategy is focused on the destinations that offer the most vibrant and engaging experiences for retailers and consumers alike. Following our disposal of The Printworks and The Cornerhouse, this acquisition adds three new destinations to our portfolio, where we see potential for growth.”
Chris Taylor, head of private markets at Hermes Investment Management, said: “The sale of the portfolio is an excellent result for the fund and allows us to redeploy capital into markets where we have best-in-class asset management capabilities.”
The acquisition follows the recent disposals of The Printworks in Manchester and The Cornerhouse in Nottingham. Land Secuities said the acquisition was in line with the company’s strategy of recycling capital into family focused retail and leisure destinations.
