Land Secs sells Welwyn Garden City mall for EUR 53m

By A staff reporter 2009-10-27T00:00:00+00:00

Land Securities confirmed on Monday that it has exchanged contracts for the sale of its long leasehold interest in The Howard Centre, Welwyn Garden City, Hertfordshire to LaSalle Investment Management for approximately £48 mln (EUR 53 mln).

Land Securities confirmed on Monday that it has exchanged contracts for the sale of its long leasehold interest in The Howard Centre, Welwyn Garden City, Hertfordshire to LaSalle Investment Management for approximately £48 mln (EUR 53 mln).

LaSalle was acting on behalf of Pension Properties. The investment volume reflected a yield of 7.65%.

Built in 1990, the 21,400 m² shopping centre generates a net annual rental income of approximately £3.9 mln and is anchored by a 7,800 m² Marks & Spencer store.

CBRE acted for LaSalle Investment Management.