LAND SECURITIES SELLS WELWYN GARDEN CITY SHOPPING CENTRE

Land Securities confirmed today that it has exchanged contracts for the sale of its long leasehold interest in The Howard Centre, Welwyn Garden City, Hertfordshire to LaSalle Investment Management on behalf of Coal Pension Properties Ltd for approximately £48 million, giving a yield of 7.65%.

Built in 1990, the 230,000 sq ft shopping centre provides a net annual rental income of approximately £3.9 million and is anchored by an 84,000 sq ft Marks & Spencer store.

Richard Akers, Managing Director for Land Securities Retail said: “This is an opportunistic sale of one of our smaller shopping centre assets and one of the last property sales to be finalised.

As we have indicated, the Group’s focus has now turned to the pursuit of acquisitions and the progression of our development pipeline and the funds generated from this transaction will support this objective.”

Richard Debney, Regional Director, LaSalle Investment Management, added: “We are very pleased to have secured this well let, quality investment.” Other major occupiers include retailers WH Smith, Boots, Next, Monsoon and Top Shop together with three catering units. The centre is arranged on two levels, the upper level benefiting from direct access from Welwyn Garden City mainline rail station and has a multi-level fully enclosed car park with 725 spaces.

CBRE acted for LaSalle Investment Management.

source : Land Securities