Landsec divests Lakeside Retail Park for €133m

UK property developer Landsec has agreed to sell Lakeside Retail Park in Thurrock, UK, for £114 mln (€133 mln).

The price reflects a 6.0% yield based on its £6.8 mln (€7.9 mln) net rental income for FY25. 
The buyer is GTAM Apex Lakeside Bidco Limited, with Farran Investments as a minority co-investor and asset manager. 
The sale, expected to finalize by April 2025, aligns with Landsec's strategy to focus on sustainable income and earnings growth. 
This disposal is part of Landsec's plan to sell approximately £800 mln (€934 mln) worth of retail and leisure park assets over the next three years to reinvest approximately £1 bn (€1.2 bn) in its major retail destinations.
Tim Treadwell, head of Retail Portfolio at Landsec said: “In line with our strategy we have continued to recycle capital out of assets where our ability to add further value is limited. The sale of Lakeside Retail Park will support our drive to focus our resources on areas where we can deliver an attractive income return and sustainable income growth."
Lakeside Retail Park in West Thurrock has evolved significantly since Landsec acquired it in 1987. Originally housing large DIY and furniture retailers, it was later subdivided into smaller units to diversify the retail mix while retaining a focus on furniture, furnishings, appliances, and office goods. Expansions in 2002 and 2012 added more retail space, and the park now boasts 29 retailers, including major brands like Next Home and Currys PC World. Improved frontages and added food options enhance the customer experience. 
Lakeside Retail Park is located strategically near the M25 and A13.