Thu, 02 Sep 2010 | BUSINESS SALE
Britain's biggest property investment trust, Land Securities, has announced the sale of one of their major commercial developments in Stratford, east London.
Stratford shopping centre spans 320,000 sq ft and is located next to the new Olympic park being built for the 2012 Games. It is fully let to 60 different retailers.
The centre had been put onto the market for £91.55 million and contracts have been exchanged already.
The purchaser is the Catalyst European Property Fund LP, whose investment in the commercial property represents a net yield of 7.25 per cent.
Land Securities' head of retail investment Gary Sherwin said the sale had benefited from a limited amount of stock on the market.
“The funds from the sale will be channelled into other activities, including more immediate development opportunities previously outlined by the group,” said Mr Sherwin.
The sale follows research from property adviser Cushman & Wakefield, who revealed that 'all the available capital value in UK commercial property appears to have been captured,' so now may be an opportune time for property investment trusts to sell their commercial property assets.
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