24th Jun 2014 06:44
LONDON (Alliance News) - Land Securities Group PLC Tuesday said it has exchanged contracts to sell The Bridges shopping centre in Sunderland to clients of AEW Europe for GBP152 million, reflecting a net initial yield of 6.9%.
The Bridges totals 550,000 square foot and is anchored by department store Debenhams. It has a further 100 shops including Foot Locker, Superdry and TopShop. Land Securities bought The Bridges in 1993 and extended the centre in 2000.
"Our retail strategy is to move the portfolio towards dominance, experience and convenience. The Bridges trades well currently but is not part of our strategic focus, and the strong market conditions for retail assets have allowed us to move quickly to crystallise value from the asset," said Scott Parsons, managing director, retail.
By Steve McGrath; [email protected]; @SteveMcGrath1
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