Small shops make way for focus on malls
Land Securities has raised£115 million with the sale of town centre retail properties across the UK. The developer has sold 10 lots in three deals, with a combined floorspace of 225,960 sq ft (20,990 sq m), improving its focus on large shopping centres and retail parks.

The largest deal saw the sale of The Precinct in Coventry, comprising 33 shops and the Leofric Hotel, to Norwich Property Trust for£51.8 million. Also in the city, four shops and a pub at the adjoining 21/25 Hertford Street were sold to Morley Pooled Pensions for£5.3 million. The two deals reflect an initial yield of 5.9 per cent.

Meanwhile, a portfolio of eight high street retail properties in Birmingham, Chester, Southampton, Walsall, Kingston upon Thames, Norwich, Plymouth and York have been sold to CBRE Investors for£58 million, showing an overall initial yield of 5.14 per cent.

Richard Akers, managing director of Land Securities' retail portfolio, said: 'These properties are all let to strong tenants and have performed very well for Land Securities during our period of ownership, creating significant value for shareholders. The sales are in accordance with our strategy of investing in shopping centres and retail parks where there are opportunities to add value through active asset management.'

Land Securities was advised by Dalgleish on the high street portfolio, and by Franc Warwick in Coventry. CB Richard Ellis represented CBRE Investors. Knight Frank represented Norwich Property Trust and Morley Pooled Pensions.