UK REIT Land Securities has bought a leisure and restaurant complex in the English spa town of Bath in an off-market transaction for £20 mln (EUR 23 mln). The vendor of the 8,300 m2 Kingsmead complex is real estate investment company Aprirose.

Land Securities said that the investment reflects a 6.3% net initial yield, with a reversionary yield of 6.9%.

Kingsmead houses the only multiplex cinema in the city. The centre has well-known brands including Nando's, TGI Friday's, Fitness First and Odeon Cinema.

Separately, Land Securities announced it has started work on a 2,300 m2 extension at its 33,000 m2 Lakeside Retail Park at Thurrock, Essex, and has already signed up two new retailers for 1,800 m2 of the scheme.

Land Securities is the largest listed real estate company in the UK. At end-March 2011 the company’s property portfolio was valued at £10.6 bn.