Landsec has announced the sale of two retail parks, the first divestments from its non-core retail park portfolio since the group unveiled its new strategy for growth in October last year.
The two disposals, Derwent Howe Retail Park, a 120,000 sq ft site located in Workington, Cumbria and Blackpool Retail Park, were sold for £53.4m
Landsec sold Derwent Howe Retail Park, Workington to Supermarket Income REIT, whilst the sale of Blackpool Retail Park was agreed with Columbia Threadneedle.
Phillip Davies, head of investment at Landsec, commented: “In line with our strategy we have been increasing portfolio recycling as we look to make the most of Landsec’s strengths and invest in areas with greater growth possibilities. Retail parks represent a subscale sector for us and a clear opportunity to realise capital that can be better deployed in areas where we have a competitive advantage such as central London and urban mixed-use regeneration projects.”