FTSE 100 property developer and landlord Land Securities has agreed to sell two retail parks, in a move that will help contribute funds to its focus on London projects.
The company said the disposals of sites in Cumbria and Blackpool total £54.3 million, marking a 15% premium to their March book value.
Retail parks have performed well during the pandemic, as customers welcomed having larger space to shop in, and the ability to easily drive to stores.
But Landsec has previously said it wants to generate capital from this sector of the property market, where it has little or no competitive advantage to rivals.
The retail park in Cumbria was sold to Supermarket Income Reit, and Columbia Threadneedle acquired the Blackpool site.
Landsec chief executive Mark Allan last October said the company, which has a £10.8 billion property portfolio, would look to exit retail parks, leisure and hotels and focus on central London, including offices.
Philip Davies, head of investment at Landsec, today said: “Retail parks represent a subscale sector for us and a clear opportunity to realise capital that can be better deployed in areas where we have a competitive advantage such as central London and urban mixed-use regeneration projects.”