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Legal & General Property buys Fremlin Walk Shopping Centre in Maidstone

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 na...[…]