Land Securities and Delancey have exited The Metro Shopping Fund following completion of the sale of the 50% stake in Southside Shopping Centre currently held by DV4, clients of Delancey, to Invesco Real Estate for ca. €179.3m (£150m), and the sale of Land Securities 50% stake in ShopStop, Clapham Junction to DV4. The third-party debt in the fund has now been repaid.
Southside provides 630,000 ft² of prime retail and leisure space in Wandsworth, south west London and is now held by a 50/50 joint venture between Land Securities and Invesco. Land Securities has taken over the asset management of Southside, whilst Delancey has taken full asset management responsibility for ShopStop, a 70,000 ft² mixed-use scheme comprising a range of shops, cafes and bars at the entrance to Clapham Junction station.
Ailish Christian-West, Head of Shopping Centres at Land Securities, said: “The sale of Shopstop follows a strong period of growth. We are delighted to be taking on asset management responsibilities at Southside and welcome Invesco as our new partner.”
Tim Haden-Scott, Investment Director at Delancey, on behalf of investment fund DV4, said:“We are delighted to announce the sale of DV4’s 50 per cent stake in Southside Shopping Centre and acquisition of the remaining 50% of ShopStop, Clapham Junction from Land Securities. Forming the retail offer at Clapham Junction railway station, one of Europe's busiest stations and located in an affluent area of London, ShopStop offers a significant future redevelopment opportunity for DV4.”