Transactions - MAY 17, 2017

Land Securities pays £333m for U.K. outlet centers

by Released

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.

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