Junction 32 Acquired by Land Sec in £330 Million Deal
17 May 2017
Junction 32 Outlet Village has been acquired by the owner of Trinity Leeds as part of a wider deal worth more than £330m.
Land Securities has acquired a portfolio of three outlet centres from Hermes Investment Management for £332.5m.
The portfolio comprises Junction 32 in Castleford, Freeport Braintree in Essex and Clarks Village in Street, Somerset. The acquisition establishes Land Securities as one of the largest owner-managers of outlets in the UK.
J32, located adjacent to the M62 motorway, is home to more than 90 stores including the likes of Barbour, Berwin & Berwin, Gap and M&S Outlet.
Scott Parsons, managing director retail at Land Securities, said:
"Our retail strategy is focused on the destinations that offer the most vibrant and engaging experiences for retailers and consumers alike.
"Following our disposal of The Printworks and The Cornerhouse, this acquisition adds three new destinations to our portfolio, where we see potential for growth."
Chris Taylor, head of private markets at Hermes Investment Management, added:
"The sale of the portfolio is an excellent result for the fund and allows us to redeploy capital into markets where we have best-in-class asset management capabilities."
It is understood that Hermes Investment Management instructed CBRE last September to find a joint venture partner to invest in the three factory outlet centres.
Original Article, Insider Media