Property heavyweight Landsec is orchestrating a significant portfolio reshaping, with plans to divest its remaining retail parks in early 2025. The FTSE 100 property giant’s strategic move, spearheaded by Chief Executive Mark Allan, aims to redirect capital towards premium shopping centres.
The planned disposals encompass retail parks across Northampton, Bexhill, Bracknell, Broadstairs, Chesterfield, and a site near Essex’s Lakeside shopping centre. These assets, valued at £366 million as of September, currently maintain a robust 94.7 per cent occupancy rate with a yield of 5.8 per cent.
Industry specialists from Morgan Williams, Park Place Retail, and Xprop have reportedly been enlisted to manage the individual sales processes. The strategic shift gained momentum this month when Landsec acquired a controlling 92 per cent stake in Liverpool ONE shopping centre for £490 million, securing a 7.5 per cent yield.
The investment strategy marks a distinctive contrast with rival British Land, where Chief Executive Simon Carter continues to increase exposure to retail parks. British Land’s approach stems from the sector’s demonstrated resilience against e-commerce pressures, with retail parks functioning effectively as click-and-collect hubs.
Landsec’s transformation journey has already seen significant progress in 2024, with successful disposals including Taplow retail park and a £400 million hotel portfolio comprising 21 properties. The company maintains its commitment to capital recycling and strategic reinvestment throughout 2025, signalling a continued focus on premium retail assets.
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