Land Securities sells Fremlin Walk

Land Securities has exchanged contracts for the freehold sale of Fremlin Walk, Maidstone to Europa Fund III in a joint venture with SCOOP AM for approximately £70 million, achieving a yield of 8.5 per cent.

The 350,000 square foot shopping centre, which opened in 2005 and is anchored by House of Fraser, provides an annual rental income of approximately £6 million.

Richard Akers, managing director for Land Securities Retail said: “Land Securities has undertaken over £150 million worth of retail sales in the first quarter 2009/10, demonstrating the growing investor interest in well let assets. The proceeds will enhance the Group’s strong position in regard to protecting itself through the downturn while maintaining the flexibility for future opportunistic acquisitions and the delivery of its development pipeline.”

Rob Sim, head of Northern Europe, Europa Capital, commented: “We are very pleased to have secured this well let, quality investment and look forward to working with our joint venture partner over the coming years.”

Franc Warwick acted for Land Securities.