Legal & General buys Fremlin Walk, Maidstone
Published: 07 January, 2011
Legal & General Property's UK Property Income Fund has bought Fremlin Walk Shopping Centre, Maidstone, from Europa Capital and Scoop Asset Management for £92m.
Developed in 2006 by Centros and forward-sold to Land Securities, the fashion-led, open-air shopping centre comprises 350,000 sq ft of prime retail space and a 760 space car park. Anchored by a 100,000-sq ft House of Fraser department store, the site comprises 48 retail units in total, with tenants including H&M, Next, Zara and Boots.
The average unexpired lease term is 11.3 years with 97 per cent of the income secured against national multiple retailers. Over the past 18 months a number of new lettings have been agreed, including Laura Ashley, Pandora, Office Shoes and Prêt a Manger.
Charlie Walker, senior fund manager for the UK Property Income Fund, said: “Fremlin Walk Shopping Centre represents a good opportunity to acquire a core, multi-let, mid-sized shopping centre at an attractive yield. Purchased off-market, the deal is in line with the fund’s strategy of identifying well-located assets with a strong tenant base but still offering the potential for active management.”
CBRE advised Legal & General Property while the vendors were advised by DTZ.
