Legal & General Property (LGP) has acquired two retail and leisure schemes with development potential in the UK. The assets, which comprise the Blenheim Centre in Hounslow and Castle Place Shopping Centre and St Stephen's Place in Trowbridge, were acquired for £35.5 mln (EUR 43 mln) and £7.8 mln (EUR 9.4 mln) respectively.
Legal & General Property (LGP) has acquired two retail and leisure schemes with development potential in the UK. The assets, which comprise the Blenheim Centre in Hounslow and Castle Place Shopping Centre and St Stephen's Place in Trowbridge, were acquired for £35.5 mln (EUR 43 mln) and £7.8 mln (EUR 9.4 mln) respectively.
The acquisitions reflect net initial yields of 5.6% and 10.8% respectively.
LGP said the investments are consistent with its strategy to capitalise on opportunities using its specialist in-house retail development skills, which was further enhanced in 2009 by the appointment of Simon Russian.
Wilkinson Williams acted for LGP on the Hounslow purchase and Jackson Criss advised LGP on the Trowbridge acquisition.
