British Land sells Basildon shopping centre

22nd Jan 2014 10:14

Property group British Land has disposed of Eastgate Shopping Centre in Basildon, it announced Wednesday.The site, which was sold for £88.6m to Infrared Capital Partners, covered 0.7m square foot and included a shopping centre, a supermarket, two office buildings and a multi-storey car park. Head of Retail Charles Maudsley said the company would this year "continue to sell retail assets which do not fit our strategy and reinvest the capital where we see better growth and return potential". The property produced a net passing rent per annum of £6.5m, with rents ranging from £75 to £110 per square foot. The share price inched 0.1% higher to 673.18p by 10:26 Wednesday.NR