LONDON (ShareCast) - London & Stamford Property said it has acquired Racecourse Retail Park in Aintree for £60.9m.
Property investor London & Stamford confirmed that it has exchanged contracts to buy the 291,471 square feet
retail park from a subsidiary of Land Securities (LSE:
LAND.L -
news) .
The park, which generates over £5m a year, marks London & Stamford's first purchase in the retail warehouse sector. It lets to thirteen tenants including B&Q, Homebase, Mothercare (LSE: MTC.L - news) , Marks and Spencer (LSE: MKS.L - news) , Next and Boots (LSE: AB.L - news) . Rents range between £13 and £30 per square foot.
Commenting on the acquisition, chairman Raymond Mould said, "This acquisition marks our first purchase in the retail warehouse sector. The park combines security of income from a good tenant mix, sustainable rents and, after leverage, a very attractive cash on equity return with scope for adding value through planning and asset management initiatives."
Last month London & Stamford bought No.1 Whitehall Riverside, Leeds for £37.62m.
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