UK REIT British Land has sold Blackwater Shopping Park in Farnborough to Lothbury Investment Management, on behalf of Lothbury Property Trust, (LPT) for £38 mln (€46 mln).
The park, which had been owned by LPT since 2014, comprises 118,164 ft2 (11,000 m2) across 12 units including a standalone McDonald’s drive-thru and a Costa Pod. The property has forecourt car parking provision for 609 cars.
Tenants include Next, TK Maxx, Boots, Outfit, Homesense, Mamas & Papas and Currys/PC World.
During its ownership, Lothbury had extended the park by constructing an additional 8,000 ft2 retail unit in 2020. This project was LPT’s first Net Zero Carbon in construction project, offsetting 756 tonnes of carbon dioxide equivalent (CO2e). The unit which also achieved a BREEAM ‘Excellent’ certification was pre-let to Halfords.
Ed Hockley, director at Lothbury Investment Management, said: 'A sale of Blackwater Shopping Park conforms with the Lothbury Property Trust strategy to reduce the portfolio’s exposure to the retail sector.
'The proceeds of the sale have been allocated to some key sustainable developments ongoing within the fund in the life sciences and industrial sectors.’
Morgan Williams represented Lothbury; British Land was represented by Avison Young.
