Land Securities has bought a leisure and restaurant complex in
The company said the off-market transaction offered a 6.3% net initial yield with a reversionary yield of 6.9%.
The 90,000 sq ft property, called Kingsmead, houses the only multiplex cinema in the city, as well as brands including Nando’s, TGI Friday’s and Fitness First.
Land Securities retail portfolio managing director Richard Akers said: “Leisure is an integral part of our retail business and is increasingly important as consumers seek successful destinations where they can shop, eat out and be entertained.
“This acquisition will further strengthen our already excellent relationships with leisure operators across our portfolio and
nathan.cross@estatesgazette.com
