13th Aug 2014 07:05
LONDON (Alliance News) - Two of London's biggest listed property firms, British Land Company PLC and Land Securities Group PLC, Wednesday said they have reshaped their shopping centre portfolios.
Land Securities said it has sold its 50% stake in Cabot Circus Shopping Centres, Friars Quake and surrounding shops in Bristol to AXA Real Estate in a deal worth GBP267.8 million. FTSE 100-listed Hammerson PLC owns the remaining stake.
Cabot Circus comprises a 830,000 square feet covered shopping centre, Quakers Friars a 170,000 square feet luxury goods and dining quarter, and 370,000 square feet of adjoining high street shops.
The assets produced a net rental income of GBP17.3 million for Land Securities.
Meanwhile, British Land said it has fully pre-let its new GBP19 million extension at Clifton Moor Shopping Park in York, increasing the occupancy and value of the park.
The shopping centre is the fifth joint venture between the property investor and Tesco PLC.
The extension provides five new high quality units that enhance the attraction of the park to both retailers and shoppers alike. British Land said planning consent has been obtained and works are on site. The extension is due to open in autumn 2014.
At the open Wednesday, Land Securities shares were up 0.3% at 1,047.00 pence, while British Land shares were up 0.1% at 696.00p.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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