LGP Buys and Sells in UK
Legal & General Property (LGP) has acquired a UK leisure park from Aviva Life & Pensions UK Ltd for £40 million (€48 million). The Stevenage Leisure Park, located in the centre of Stevenage, comprises 18,600 square metres of leisure and 1,320 car parking spaces. The property is anchored by a 16-screen Cineworld multiplex cinema.
“The leisure sector offers attractive risk-adjusted income streams with a blend of fixed rental increases and reviews to Open Market Rental Value. It therefore provides an attractive alternative to some of the more traditional investment sectors,” comments Mark Russell, fund manager at LGP.
In other news, LGP has acquired 1 City Place in Gatwick from RREEF for £39 million (€46.9 million) on behalf of its UK Property Income Fund.