Landsec is selling Lakeside Retail Park in Thurrock for 拢114m (鈧�136m).

The UK real estate investment trust has said the asset is 97% let and generated an annual net income of 拢6.8m last year. It said that the sales price reflects an income yield of 6%.

The purchaser is GTAM Apex Lakeside Bidco, in which Farran Investments is a minority co-investor.

According to a LinkedIn post by Farran Investments founder Simon Lee, the acquisition was made with US-based investment firm GoldenTree Asset Management.

Landsec said the sale was in line with its strategic focus on delivering sustainable income and earnings-per-share growth, while maintaining a strong capital base. The company had announced in February that it intended to recycle around 拢800,000 worth of capital from its residual retail/leisure park assets over the coming three years to support its planned additional 拢1bn investment to grow its retail destinations platform.

Tim Treadwell, head of retail portfolio at Landsec, said: 鈥淚n line with our strategy, we have continued to recycle capital out of assets where our ability to add further value is limited. The sale of Lakeside Retail Park will support our drive to focus our resources on areas where we can deliver an attractive income return and sustainable income growth.鈥�

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