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11/04/2011

LandSec sells Christ’s Lane

Land Securities has sold Christ’s Lane, Cambridge, a prime high street asset, to Henderson Global Investors for £33.16m resulting in…

Land Securities has sold Christ’s Lane, Cambridge, a prime high street asset, to Henderson Global Investors for £33.16m resulting in a 5.25 percent net initial yield.

LandSec completed the mixed-used prime high-street scheme in 2007, including three large shops on St Andrews Street, six shops on Christ’s Lane totalling 61,000 sq ft and 15 flats.

Richard Akers, managing director for retail and LandSec, said sale proceeds would be reinvested in larger retail assets with greater potential for improvement through asset management or development. Griffiths Eccles acted on behalf of LandSec and MMX Retail on behalf of Henderson.

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