Commercial Property News

Land Securities to sell commercial properties for £91.55 million

A range of commercial properties owned by Land Securities have been sold to the Catalyst European Property Fund LP for the sum of £91.55 million.

The real estate investment trust revealed it has exchanged contracts on 44 Broadway, the Stratford shopping centre and Morgan house.

Some 60 retailers are situated in retail properties in the shopping centre, situated across from the Olympic Park.

Gary Sherwin, head of retail investment for Land Securities, said: "We are pleased with the sale which has benefited from the limited amount of stock currently available in the investment market."

He revealed the funds from the sale will be put towards further development opportunities.

The group's portfolio includes some 9.7 million sq ft of office and retail accommodation, as well as 24 shopping centres.

Peter Kasch of Catalyst Capital, managers of the Catalyst European Property Fund, stated the Stratford Centre is "one of the best value retail investment opportunities" the company has seen so far this year.

Posted by James CollinsADNFCR-2842-ID-800050296-ADNFCR

Thu, 2nd Sep 2010

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