Land Securities pays £333m for U.K. outlet centers
Land Securities has acquired a portfolio of three outlet centers in the United Kingdom from Hermes Investment Management for £332.5 million ($430.32 million).
The acquisition follows the recent disposals of The Printworks in Manchester and The Cornerhouse in Nottingham and is in line with the company’s strategy of recycling capital into family-focused retail and leisure destinations
The portfolio comprises Freeport Braintree in Essex; Clarks Village in Street, Somerset; and J32 in Castleford, Yorkshire. The acquisition now establishes Land Securities as the leading owner-manager of outlets in the United Kingdom.