Royal London Asset Management (RLAM), on behalf of The Royal London UK Real Estate Fund, has sold the Capitol Retail and Leisure Park in Preston, to British Land plc for £51.5 million.
The retail and leisure park is situated approximately 1.5 miles to the south east of Preston town centre on the north side of the A6, which leads to the M65 motorway. The property comprises of 20 units and extends to approximately 303,000 sq ft. The scheme is fully let with anchor tenants including Next, Dunelm, Waitrose, TK Maxx, Furniture Village and Home Bargains.
Paul Nicholson, Senior Asset Manager at Royal London Asset Management commented:
“Royal London is delighted to complete on the sale of the Capitol Retail and Leisure Park, Preston. The sale represents a successful completion of the asset plan having managed to recently achieve full occupancy across both parks”.
Drew Watkins, Portfolio Fund Manager for The Royal London UK Real Estate Fund commented:
“This is an excellent sale in a challenging market which allows the fund to recycle capital into developments that we consider to offer better future performance prospects”.
Savills advised Royal London. British Land plc was represented by Morgan Williams.
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The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.