British Land sells Eastgate mall in Basildon for €109m

UK REIT British Land has sold the freehold of Eastgate shopping centre in Basildon to Infrared Capital Partners for £88.6 mln (€109 mln).

The 700,000 sq ft (65,000 m2) scheme comprises a covered shopping centre, an Asda supermarket, a Debenhams department store, two office buildings and a 696 space multi-storey car park. Other retailers include Superdry, New Look, H&M, River Island, Topshop, Next and Primark.

The property produces a net passing rent per annum of £6.5 mln with rents ranging from £75 to £110 per sq ft.

Charles Maudsley, head of Retail for British Land, said: 'This year we will continue to sell retail assets which do not fit our strategy and reinvest the capital where we see better growth and return potential.'

British Land was represented by Strutt & Parker and Cushman & Wakefield acted for Infrared.