Land Securities announces that it has completed the off market purchase of The O2 Centre, Finchley Road, London NW3 from the Matterhorn Palos Partnership, a joint venture between Matterhorn Capital and Palos Investments, for £125.9 million (approx. 142.2 mln.) representing a yield of 6%.
The 10.5 acre site occupies a prime position in North London, benefiting from an affluent London catchment and excellent transport links. The 300,000 ft² center (27,800 m²) is anchored by a Sainsbury's foodstore and has a significant leisure component with an eight screen Vue cinema and extensive restaurant offer. The scheme also includes a stand alone Homebase unit (43,000 ft²) with open A1 (non food) planning consent set at the far end of a 518 space car park.
Commenting on the acquisition, Richard Akers, Managing Director Retail Portfolio for Land Securities said: "This is an excellent opportunity for Land Securities to expand its Retail Portfolio. We have been clear that we would look for assets which offered a strong catchment and the opportunity for us to apply our expertise to drive growth. London has proved a resilient retail market and the excellent location and opportunities offered by the centre, including its potential for immediate asset management activity and longer term development plans, make it an attractive significant opportunity for the Group."
Sourcce: Land Securities