Retail park sold for £32m

The owner of the St James Centre has snapped up a retail park in Livingston in a £32 million deal.

Henderson Global Investors has bought Almondvale Retail Park, which includes branches of Argos, Halfords, Hobbycraft, Currys/PC World and Pets at Home, from Land Securities for £31.9m.

Michael Neal, fund manager for the investor’s UK retail warehouse fund, said: “Almondvale presented an excellent opportunity to acquire an asset with a strong trading profile and tenant mix.

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“The asset generates a high income return that will significantly enhance fund distributions at a time when the income component is likely to be a major driver of all property returns in the short to medium term.”

Henderson wants to transform the St James Centre into the St James Quarter under £850m plans.