Blackstone, Catalyst Capital take profits on London shopping centre
Blackstone and Catalyst Capital have completed their sale of a London retail asset to Frogmore for £141.5m (€165m).
The Stratford Shopping Centre in east London was sold by the joint venture six and a half years after purchasing it from Land Securities for £91.5m.
The 306,000sqft centre, let to tenants including Lidl and Sports Direct, produces £8.2m a year in annual rent.
The property also includes 113,000sqft of vacant offices and planning consent for a further 540,000sqft of space, which would include 587 residential units.
Frogmore’s director of acquisitions Patrick Smith said the centre, which is almost fully-let, benefits from an existing 26.5 million footfall.
“Our value-add strategy will be to capitalise on the huge footfall and increase dwell times by improving tenant mix within the scheme,” Smith said.
Regeneration of the Stratford area was an “important consideration”, he said, along with the arrival of London’s east-to-west Crossrail line in 2019.