Land Securities has exchanged contracts to sell The Bridges shopping centre, Sunderland to clients of AEW Europe for £152 million (approx.€190 million), reflecting a net initial yield of 6.9%.
The Bridges totals 550,000 ft² (approx. 51,097m²) and is anchored by Debenhams with a further 100 shops. Land Securities bought The Bridges in 1993 and extended the centre in 2000.
Scott Parsons, Managing Director, Retail at Land Securities, said, “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.”
Source: Land Securities