Land Securities Confirms The Sale Of The Stratford Centre To The Catalyst European Property Fund for £91.5M

31st Aug 2010

Land Securities announced today that it has exchanged contracts for the sale of the Stratford shopping centre, 44 Broadway and Morgan House to the Catalyst European Property Fund LP for £91.55m. The price represents a net initial yield to the purchaser of 7.25% for the shopping centre and 44 Broadway properties which are both fully let.

Located on Broadway in Stratford town centre, opposite the new Olympic park, the 320,000 sq ft shopping centre is fully let to some 60 retailers including Boots, Sainsbury’s and New Look. Due to its town centre location and direct connections with the bus and underground stations in Stratford, the centre benefits from a high footfall of an estimated 21,000,000 per annum. The disposal also includes Morgan House, an adjoining 113,000 sqft vacant office building and future development site, at a price of £5 million.

Gary Sherwin, Head of Retail Investment for Land Securities, commented on the sale, “We are pleased with the sale which has benefited from the limited amount of stock currently available in the investment market. The funds from the sale will be channelled into other activities including more immediate development opportunities previously outlined by the Group.”

Peter Kasch of Catalyst Capital, Managers of the Catalyst European Property Fund added, “The Stratford Centre fits within our fund requirements and is one of the best value retail investment opportunities we have seen this year. As well as a strong tenant line up, the centre also has excellent development opportunities which will allow us to utilise our asset management and development expertise.”

JLL acted for Land Securities and Lunson Mitchenall for the purchasers. Finance will be provided by pbb Deutsche Pfandbriefbank.

The Catalyst Capital website uses cookies. For details on how we use cookies please read our policy on cookies.