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Land Securities Adds to Holdings in Livingston

LONDON - Land Securities has bought the Almondvale Retail Park in Livingston, Scotland, from Lattice Group Pension Scheme.

By Graham Parker | Updated on May 03, 2001

LONDON – Land Securities has bought the Almondvale Retail Park in Livingston, Scotland, from Lattice Group Pension Scheme. Developed in 1997, The park comprises 108,000 sq ft of retail let to tenants including MFI, Currys, JJB Sports and Halfords.

The park produces an annual income of £1.164 million, and the purchase price of £18 million reflects a net initial yield of 6.11%.

Roland Nevett, Head of Retail Warehouse Portfolio Management at Land Securities, said: ‘This acquisition consolidates our holding in the town, where we already own the Almondvale Shopping Centre, the Almondvale West retail park and a 50% share of the McArthurGlen Designer Outlet Centre. We believe there are excellent prospects for rental growth as Livingston increases in importance as a retail destination.’

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