Land Sec sells £76m mall

LAND Securities (Land Sec) has sold the largest covered shopping centre in Liverpool to InfraRed Capital Partners for £76.5m.

Britain’s biggest landlord said last month it was selling the St Johns Centre, which has an annualised net rent of £7.5m, following work to update the food court.

The centre includes 413,000 square feet of retail space, and is home to more than 100 shops and an award-winning car park, according to its website. The sale also includes a 149-room hotel. Land Securities said the sale would help it redeploy capital elsewhere.

InfraRed director Chris Huxtable said the new owner plans to make “substantial new investment” in the centre to cash in on the 12m shoppers that pass through its doors every year.

Jones Lang LaSalle acted for Land Securities, while InfraRed was advised by DTZ.