|By Marketwired .||
|August 13, 2014 02:00 AM EDT||
LONDON, UNITED KINGDOM -- (Marketwired) -- 08/13/14 -- Land Securities Group (LSE: LAND) (PINKSHEETS: LSGOF)
LSE: LAND; OTC: LSGOF
13 August 2014
Land Securities Group PLC ("Land Securities")
Land Securities sells Bristol Partnership stake to AXA Real Estate for £267.8 million
Land Securities has exchanged contracts to sell its 50% stake in Cabot Circus shopping centre, Quakers Friars and surrounding shops in Bristol to AXA Real Estate, on behalf of its clients, for £267.8 million. The assets currently produce a net rental income of £17.3 million to Land Securities.
Cabot Circus was developed by Land Securities in a joint venture with Hammerson PLC and opened in 2008. Cabot Circus comprises a 830,000 sq ft covered shopping centre, Quakers Friars a 170,000 sq ft luxury goods and dining quarter, and 370,000 sq ft of adjoining high street shops.
The development was hailed as one of the largest retail-led city centre urban regeneration projects in the UK, and won accolades for its seamless integration into the city centre and delivery of much-needed amenities, public spaces and improved transport to the city.
Local communities are key to the success of our developments and, whilst Cabot Circus no longer meets Land Securities' strategic criteria, we have left a positive legacy for the people of Bristol.
Scott Parsons, Managing Director, Retail at Land Securities, said, "The sale of Cabot Circus, Quakers Friars and surrounding high street shops, coming so soon after the disposal of The Bridges in Sunderland and the acquisition of Bluewater in Kent, demonstrates the pace at which Land Securities is reshaping its retail portfolio to focus on the key themes of dominance, experience and convenience.
"This portfolio reshaping is set to continue with our planned retail development programme to create the very best shopping environments which reflect evolving consumer behaviour."
The sale is conditional on EU merger control approval.
Notes to editors:
Land Securities is the UK's largest commercial property company and a member of the FTSE 100. The company owns and manages more than 24 million sq ft of property, from shopping centres to offices, valued in excess of £11.8 billion.
For further information, please contact:
Land Securities Group PLC
Press Investors Molly Neal Ed Thacker T: +44 (0)20 7024 5460 T: +44 (0)20 7024 5185 [email protected] [email protected]