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.