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meridian leisure park

Legal &amp; General Investment Management (LGIM) has sold a leisure park in <a href="https://completelyretail.co.uk/shops-to-rent/leicester">Leicester</a> for £25m.



<a href="https://completelyretail.co.uk/scheme/meridian-leisure-park-leicester-2828">Meridian Leisure Park</a> - which is anchored by Vue Cinemas and Hollywood Bowl - was acquired by London-based investor Greenridge Opportunities.



The leisure park comprises a gross internal area of 155,071 sq ft across a 19.8-acre site southwest of Leicester city centre. Other tenants at the scheme - which is 99% let - include David Lloyd, Nando's, Five Guys, Burger King, Pizza Hut, and Frankie &amp; Benny's.



Meridian Leisure Park has been owned by LGIM's Leisure Fund since 2002, and has benefitted from a number of new leases and regears during this period.



The park's income benefits from rental indexation or fixed uplifts and a term certain of approximately 12 years.



Bik Bhuptani, partner at Greenridge said: “We are excited about the addition of Meridian Leisure Park to our portfolio. This acquisition perfectly aligns with Greenridge Opportunities LP's strategy of investing in high-quality, income-generating assets. The park's robust tenant mix and prime location underscore our commitment to identifying and capitalising on unique opportunities in the leisure sector. We see significant potential for value creation and look forward to enhancing the park's offering, further cementing its status as a key leisure destination in the East Midlands."



Andrew Ferguson, senior fund manager of the Leisure Fund at LGIM, added: “The leisure sector has been tested over the past few years in the face of wider economic challenges, particularly within the cinema market – however, good quality, well managed leisure schemes in prime locations continue to remain resilient; Meridian Leisure Park is testament to this. As the sector is stabilising once again, with a positive pipeline of films over the next three to five years, we hope and expect to see a strong rebound for the cinema market."



Edward George, partner at Montagu Evans, which advised LGIM, said: “This is an exceptional transaction and an important benchmark for demonstrating liquidity in the sector. LGIM is one of a number of institutions looking to free up capital for new opportunities and portfolio-wide improvements, including ESG commitments. It sets the tone for a number of leisure park transactions expected over the next 12-18 months as the market recalibrates.”



Greenridge Opportunities was advised by Savills for the transaction.

LGIM offloads Leicester leisure park for £25m

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An Aldi supermarket in Leicester has been sold as part of £24.5m worth of asset disposals from LondonMetric Property's <a href="https://news.completelyretail.co.uk/londonmetric-completes-ct-property-trust-takeover/">recently acquired CT Property Trust portfolio</a>.



The property - which was acquired in 2016 for £4.6m - has been sold in an off-market deal worth £6m, reflecting a topped-up net initial yield of 5.3%. The site is currently let to Aldi for a further 13 years.



LondonMetric has also disposed of a car showroom as well as three office assets in Newbury for a total consideration of £15.3m. Another office asset in Worcester has been sold for £3.2m.



The property company said that following the disposals, it has now sold £154m worth of assets this year. In September, <a href="https://news.completelyretail.co.uk/londonmetric-sells-non-core-properties-for-17m/">it disposed of a number of retail assets from the CT Property Trust portfolio for £16.9m</a>.



Andrew Jones, chief executive of LondonMetric, said: "Despite elevated debt costs, we are seeing good liquidity for smaller lot sizes across all sectors of the investment market.&nbsp; Since completion of the CTPT acquisition in August, we have now sold seven of the 33 assets acquired representing c.8% of the portfolio by value, at prices comfortably ahead of our underwrite values."

Aldi supermarket included in £24.5m asset disposal

highcross

Ellandi, which was recently appointed as strategic asset manager at <a href="https://completelyretail.co.uk/shops-to-rent/leicester">Leicester's</a> <a href="https://completelyretail.co.uk/scheme/Highcross-Leicester">Highcross</a>, has selected Time Retail Partners and Lunson Mitchenall as leasing agents for the scheme.



Time Retail Partners has also been appointed as sole professional advisors to Ellandi.



Anchored by John Lewis and spanning 1.2m sq ft, the shopping centre is home to retail tenants including Zara, Apple, H&amp;M, JD Sports, and Next, whilst its leisure and food and beverage offering includes Showcase De Luxe, Treetop Adventure Golf, Wagamama, Nando's, Yo! Sushi, and Pizza Punks.



The scheme welcomes around 16 million visitors annually.



Antony Carroll, director at Time Retail Partners, said: "We are delighted to be appointed on Highcross. We work very closely with Ellandi on other assets and we have an ambitious strategy in place to drive Highcross forward. We are at the very early stages but we can see strong demand and with the right approach to leasing in place we will have some very exciting news to shout about!”

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