Real estate firm sells UK retail park portfolio in £156.9m disposal deal

A London-based real estate investment trust has announced a multi-million pound disposal deal as part of its strategy to strengthen its cash position.

LDI REIT has exchanged contracts for the disposal of its UK retail park portfolio for £156.9m, selling to M7 Real Estate Limited on behalf of M7 Box+ II.

Comprising six assets, the portfolio includes Banbury Cross Retail Park, St Davids Retail Park in Bangor; Milton Road Retail Park in Edinburgh, Kilmarnock’s Queens Drive Retail Park, Priory Retail Park in Merton and The Arches in Watford.

The deal comes a week after the firm announced the disposal of Schloss Strassen Center in Berlin, and forms part of its wider strategy to strengthen its cash position.

Mike Watters, CEO at RDI, commented: “Together with the disposal of Schloss Strassen Center in Berlin just last week, we have taken a substantial step forward in the implementation of our portfolio strategy in a very short space of time and against a challenging backdrop.

“In just 18 months since announcing our strategic review, we have undertaken around £330m of disposals and our teams working on these transactions deserve to be commended for markedly reducing our exposure to the retail sector.

“This major transaction also further reinforces our balance sheet by bringing our leverage down significantly whilst extending our cash position. Having now achieved a number of our strategic priorities, the company is in a strong position.”

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