Landsec has agreed the sale of its Lakeside Retail Park in West Thurrock for £114m to GTAM Apex Lakeside Bidco and Farran Investments.
The transaction is expected to complete by the end of April.
The retail park is 97% let and generates a net rental income of £6.8m as of 2025, reflecting an effective income yield of 6%.
Landsec has owned the park since 1987.
The disposal is part of Landsec’s strategy to focus on delivering sustainable income and EPS growth while maintaining a strong capital base.
Landsec intends to use £800m of capital out of its residual retail/leisure park assets over the next three years to support its planned additional £1bn investment in growing its major retail assets portfolio.
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.”
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