Landsec has exchanged contracts for the sale of Lakeside Retail Park in Thurrock to GTAM Apex Lakeside Bidco for £114m.
Farran Investments is a minority co-investor in, and asset manager to, the purchaser.
The disposal of the asset, which is 97% let, is in line with Landsec’s strategic focus on delivering sustainable income and EPS growth while maintaining a strong capital base.
Landsec said it intended to recycle circa £0.8bn of capital out of its residual retail/leisure park assets over the next three years, which would support its planned additional circa £1bn investment in 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.”
