Landsec completes £114m sale of Essex retail park
Landsec has exchanged contracts on the sale of Lakeside Retail Park in Thurrock, Essex for £114m, reflecting a net initial yield of 6.0%.
The purchaser is GTAM Apex Lakeside Bidco, in which Farran Investments is a minority co-investor and asset manager to. The sale is expected to complete by the end of April.
Lakeside Retail Park spans approximately 385,000 sq ft and is currently 97% let, producing a net rental income of £6.8m for the 2025 financial year.
Landsec said the disposal is in line with its focus on delivering sustainable income and earnings per share growth, while maintaining a strong capital base.
The group said last month that it intends to recycle around £0.8bn of capital out of its residual retail and leisure park assets over the next three years. This will support Landsec’s planned additional investment of c. £1bn into growing its major retail destinations platform.
Tim Treadwell, head of retail portfolio at Landsec, said: “In line with our strategy we have continued to recycle capital out of assets where our ability to add further value is limited. The sale of Lakeside Retail Park will support our drive to focus our resources on areas where we can deliver an attractive income return and sustainable income growth.”