The £91.55 million sale of a Stratford shopping centre has been announced by Britain's biggest property investment trust.
The UK's largest
property investment trust has announced the sale of a major
commercial development in east London.
Contracts have been exchanged for Stratford shopping centre, which is located next to the new Olympic park being built for the 2012 Games.
The purchaser is the Catalyst European Property Fund LP, which has invested £91.55 million in the commercial development, representing a net yield of 7.25 per cent.
Spanning 320,000 sq ft, the shopping centre is fully let to 60 different retailers.
Land Securities head of retail investment Gary Sherwin said the sale had benefitted 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," he added.
Now may be a good time for property investment trusts to sell, as according to real estate advisor Cushman & Wakefield, all the available capital value in UK commercial property appears to have been captured.
Posted by Tess Nelson
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