Land Securities announced that it has sold The Gate leisure scheme in Newcastle to PropInvest for £76.5 mln. The deal reflects a net initial yield of 4.8%. Property advisor Knight Frank advised Land Securities.
Land Securities announced that it has sold The Gate leisure scheme in Newcastle to PropInvest for £76.5 mln. The deal reflects a net initial yield of 4.8%. Property advisor Knight Frank advised Land Securities.
The Gate, which opened in 2002, offers 19 venues under one roof, including restaurants, bars and clubs, an Odeon Cinema and a new Aspers casino. Mark Ashton, Head of Retail Asset Management at Land Securities, said: 'As the only leisure asset within the portfolio and strong demand being shown for the sector, we believed it to be a sensible time to sell the property.'