News » UK
07. Januar 2011     Print Print 

Legal & General Property buys Fremlin Walk Shopping Centre in Maidstone

Fremlin Walk Shopping Centre
Legal & General Property today announces that, on behalf of its UK Property Income Fund, it has acquired Fremlin Walk Shopping Centre, Maidstone, from a joint venture between Europa Fund III, the pan-European fund managed by Europa Capital, and SCOOP AM LLP. The property was acquired for c. £92 million.

Situated in the centre of Maidstone, Kent, the modern, fashion-orientated, open-air shopping centre comprises 350,000 sq ft of prime retail space and a 760 space car park. Anchored by a 100,000 sq ft House of Fraser department store, the site comprises 48 retail units in total, let to a range of blue chip tenants, including H&M, Next, Zara and Boots. The average unexpired lease term is 11.3 years with 97% of the income secured against national multiple retailers.

As a major commercial centre in the south east, Maidstone benefits from excellent transport links, including close proximity to the M20 and M25, as well as an affluent and broad-based catchment area. Healthy footfall figures have been recorded for the shopping centre, with numbers steadily improving year-on-year since 2006, despite a recent national decline due to economic conditions. Over the past 18 months a number of new lettings have been agreed, including Laura Ashley, Pandora, Office Shoes and Prêt a Manger.

CBRE advised Legal & General Property whilst Europa Capital and SCOOP AM were advised by DTZ.