HSBC’s private client investment division has paid almost a quarter-of-a-billion pounds for Scotland’s second largest retail complex.
The Centre and Almondvale West Retail Park in Livingston were sold on by Land Securities as part of the property company’s ongoing strategy to remodel its retail asset portfolio. HSBC Alternative Investments Ltd paid £244.1m for the adjoining sites as part of its Club Deal programme which invests for private clients, working alongside Hines acting as asset manager.
The Centre, said to be Scotland’s second-largest covered shopping centre, has more than one-million square feet of retail space occupied by around 160 stores. Among its anchor tenants are Primark, Debenhams, BHS and M & S. It also has parking for 2,500 vehicles. On its website Land Securities claims The Centre generates around £15.7m in annual rent.
Almondvale West Retail Park has six large units totalling 116,000sq ft let to national brands such as TK Maxx and Matalan.
“The sale of The Centre and Almondvale West Retail Park follows a number of recent transactions demonstrating our clear commitment to reshaping our shopping centre portfolio to focus on dominant regional and Greater London assets,” commented Scott Parsons, managing director for retail at Land Securities.
Late last month The Harvest Limited Partnership — a fifty-fifty joint venture between Land Securities and J Sainsbury — sold The Maltings shopping centre, Salisbury, to TIAA Henderson for £24.8m.
The 92,000sq ft Wiltshire shopping complex is centred on a Sainsbury’s supermarket, with 27 additional retail units. Among its retailers are Greggs, Superdrug and Robert Dyas. After that sale Ailish Christian-West, head of shopping centres at Land Securities, said: “The disposal of The Maltings fits our strategy of moving away from supermarkets and secondary assets to focus on our key strategic areas of dominance, experience and convenience where we anticipate the strongest future growth.”
In October, and following European Union merger control approval, Land Securities also completed the sale of its Bristol Partnership stake, which includes Cabot Circus, to investors of AXA Real Estate for £267.8m.
Land Securities is Britain’s biggest commercial property company. It owns and manages more than 25-million square feet of assets from shopping centres to offices, reportedly valued at £13.2bn.
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