LandSec Purchases 229-249 Buchanan Street

Landsec has bought a five-unit retail property in an off-market move that strengthens its grip on Glasgow's premier shopping thoroughfare, Buchanan Street.

According to market sources the REIT paid £14.25 million, or a net yield of circa 6%, for 229-249 Buchanan Street, a building at the northern end of the famous retail thoroughfare and opposite Buchanan Galleries shopping centre, another of its properties.

Landsec also owns 185-221 Buchanan Street, known as Buchanan Quarter, which sits next to 229-249 Buchanan Street and houses H&M, Vans and Sketchers. It completes a trio of retail-led properties it owns in the area.

Landsec acquired its latest Glasgow property from Hines, which bought the scheme in April 2016 as part of its investment mandate from Bayerische Versorgungskammer, targeting prime high street retail assets across Europe.

The scheme, let to Sostrene Grene, Holland & Barrett, Sky and JD Sports, is smaller in comparison to other properties in its portfolio, but it can be seen as a display of the REIT's commitment to Glasgow's retail market and one of the country's biggest shopping destinations.

A Landsec spokesperson said: "Since the launch of our strategy in 2020 we have been considering various acquisition opportunities that make financial and strategic sense. As one of the leading retail destinations in the UK, Glasgow is an important city for our business. This investment will allow us to enhance this end of Buchanan Street in line with local priorities."

Keep reading the full article at CoStar News.