4th Sep 2013 06:55
LONDON (Alliance News) - British Land Company PLC Wednesday said it had acquired a 50% stake in SouthGate shopping centre in Bath from Multi Southgate (LP) Limited for GBP101 million.
The property investment company said the acquisition of the 430,000 square-foot open-air centre, the remainder of which is owned by Aviva Investors, is expected to be complete by the end of September.
SouthGate, which is 93% let, offers some of the best configured retail space in Bath, with two-thirds of the units being larger than 5,000 sq ft, British Land said.
The centre's car park also is the largest in the city, with 860 parking spaces. The cark park, combined with the centre's top eight retailers, accounts for more than 50% of the rental income from SouthGate, which is next to Bath Spa railway station.
"SouthGate's strong fundamentals, the lack of out of town competition and footfall make it one of the best centres in the South of England," Head of Retail For British Land Charles Maudsley said in a statement.
"It is well let, modern and excellently located in a prime market with significant tourist spend."
British Land shares were quoted prior to the open at 552.50 pence.
By Anthony Tshibangu; [email protected];
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