Land Securities sells shopping mall in Sunderland for £152m
LAND Securities yesterday sold The Bridges shopping centre in Sunderland for £152m as the property giant battled with two of its rivals to buy Lend Lease’s 30 per stake in the Bluewater shopping centre, in Kent.
The firm said it had sold the 550,000 square feet shopping centre to clients of AEW Europe after owning it for 19 years.
Land Securities’ retail managing director Scott Parsons said: “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.”
Land Securities, Hammerson and British Land are said to be on the final shortlist to buy Lend Lease’s prized stake in Bluewater, the UK’s second largest shopping centre, with Land Securities thought to be the frontrunner.
Liberum analyst Mike Burt said in a note yesterday that the group’s sale of The Bridges together with its disposal of the Overgate centre in March “created room” for a potential acquisition of Bluewater by bringing down its loan to value ratio.