Castleford's Junction 32 shopping outlet acquired in £332.5m deal

A shopping outlet in West Yorkshire has been acquired by Land Securities as part of a £332.5m deal for a trio of centres.

The three centres are Junction 32 in Castleford, Freeport Braintree in Essex and Clarks Village in Street, Somerset.

Land Securities acquired the portfolio of outlet centres from Hermes Investment Management, generating annualised net rental income of £21.6m.

Located 20 minutes from Leeds city centre, Junction 32 features 90 outlet stores.

Scott Parsons, Managing Director Retail at Land Securities, said: “Our Retail strategy is focused on the destinations that offer the most vibrant and engaging experiences for retailers and consumers alike.

“Following our disposal of The Printworks and The Cornerhouse, this acquisition adds three new destinations to our portfolio, where we see potential for growth.”

Chris Taylor, head of private markets at Hermes Investment Management, added: “The sale of the portfolio is an excellent result for the fund and allows us to redeploy capital into markets where we have best-in-class asset management capabilities.”

The acquisition follows the recent disposals of The Printworks in Manchester and The Cornerhouse in Nottingham and is in line with the company’s strategy of recycling capital into family focused retail and leisure destinations.