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| Land Securities sells the Stratford Centre Land Securities, the UK's biggest property company, announced that it has exchanged contracts for the sale of the Stratford shopping centre, 44 Broadway and Morgan House to the Catalyst European Property Fund LP for £91.55m. The price represents a net initial yield to the purchaser of 7.25% for the shopping centre and 44 Broadway properties which are both fully let. Located on Broadway in Stratford town centre, opposite the new Olympic park, the 320,000 sq ft shopping centre is fully let to some 60 retailers including Boots, Sainsbury's and New Look. Due to its town centre location and direct connections with the bus and underground stations in Stratford, the centre benefits from a high footfall of an estimated 21,000,000 per annum. The disposal also includes Morgan House, an adjoining 113,000 sqft vacant office building and future development site, at a price of £5 million. write your comments about the article :: © 2010 Construction News :: home page |