In QuotedData’s morning briefing 11 March 2024:
- Shaftesbury Capital (SHC) has completed the acquisition of 25-31 James Street, Covent Garden, London for £75.1m. The properties have a contracted rent of £3.9m and comprise 21,000 sq ft of lettable area, including 12,000 sq ft of retail and 9,000 sq ft of residential and office accommodation. The company says that asset management and rental growth opportunities exist at the property. The acquisition follows recent disposals totalling £145m.
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Great Portland Estates (GPE) has leased 22,500 sq ft of retail space at its Oxford Street assets Mount Royal (508/540 Oxford Street) to TK Maxx. The brand’s new space comprises 22,500 sq ft across the ground and first floor levels, with 70 ft of Oxford Street frontage. This will be TK Maxx’s second store on Oxford Street, and their first store west of Oxford Circus. Additionally, GPE has announced that the high street health and beauty retailer, Superdrug, has also recently re-geared its retail lease for their 8,000 sq ft store at Mount Royal, committing to another 10 years. GPE has a further 20,000 sq ft of prime retail space under offer at Mount Royal, with further deals expected later this year.
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Alpha Real Trust (ARTL) has announced that the H2O shopping centre in Madrid, which it owns a 30% stake in, has been sold for €111m. The sale, which is expected to complete in the second quarter of 2024, would result in a receipt of €14.5m in net proceeds to ARTL (after the payment of debt held against the property) and would reduce net asset value by approximately 4p per share (around 1.8%). The asset was valued on ARTL’s books at €18.9m at 31 December 2023. The company said that it would recycle capital into increasing its loan portfolio and opportunistically extending its wider investment portfolio to target high return property investments offering inflation protection via index linked income adjustments and investments that have potential for capital gains.