Welwyn Garden City landmark shopping centre sold
WGC’s landmark Howard Centre has been sold.
Owner Land Securities has offloaded the shopping centre to global property company LaSalle Investment Management in a deal worth about �48m.
The firms exchanged contracts on Monday, two months after the WHT revealed they were in discussions over the future of the centre.
Richard Akers, managing director for Land Securities Retail, said: “This is an opportunistic sale of one of our smaller shopping centre assets and one of the last property sales to be finalised.
“As we have indicated, the group’s focus has now turned to the pursuit of acquisitions. The funds generated from this transaction will support this objective.”
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Richard Debney, the regional director for LaSalle, added: “We are very pleased to have secured this well let, quality investment.”
Opened in 1990, the Howard Centre was developed by Slough Estates and is named after WGC founder Sir Ebenezer Howard.
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The 230,000 sq ft shopping centre was taken over by Land Securities in 2004.