London based Land Securities, the largest real estate investment trust in the UK, has agreed to acquire The Cornerhouse, a big leisure complex in Nottingham, from BP Pension Fund for 50m. The purpose built leisure scheme covers 225,000 square feet and includes a 14 screen cinema, shopping facilities, 11 restaurants, two bars, a nightclub and a casino. Richard Akers is Executive Director of Land Securities.

Land Securities have acquired The Cornerhouse, Nottingham from BP Pension Fund in an off-market transaction for 50m. The property was acquired at a net initial yield of 6.6% after expiry of a rent free period. Richard Akers is Executive Director

Segro is continuing with its asset disposal programme with £172m of non-core assets sold in 2012. However it has experienced a 9.6% increase in vacancy rate in the quarter to March 2012, compared with 9.1% in the previous quarter, partly due to acquisitions and disposals.

IQ Farnborough, based in Hampshire, has been sold by owner Sergo for 90.1m. The business park has been sold in two parts. The existing buildings and a total of 18 acres of development land has been sold to a joint venture between funds advised by Harbert Management Corporation and XLB Property as asset manager for 79.9m. An additional 11 acres of development land has been sold to two future owner-occupiers for 10.4m. Phil Redding is Segros Chief Financial Officer.