The Metro Shopping Fund (Metro fund), the 50/50 London based retail joint venture between Land Securities and Delancey, announced today that it has completed the sale of the Notting Hill Gate Estate for around £131 million (approx. 149 mln.) to William Pears and LaSalle Investment Management.
The Notting Hill Gate Estate incorporate five blocks along both the north and south sides of Notting Hill Gate and the northern end of Kensington Church Street and occupies approximately 4.4 acres. It comprises 51 retail and restaurant units with occupiers such as M&S, Gap, Tesco, Boots, Le Pain Quotidien and ITSU
Commenting on behalf Metro, Land Securities' Ailish Christian, said: "Notting Hill Gate is a strong location and has performed well for the Metro Fund with value being driven by asset management initiatives. This has included introducing a number of new occupiers including Le Pan Quotidien and ITSU as well as undertaking some minor office refurbishments which have supported the high occupancy levels in the offices across the estate."
Tim Haden Scott of Delancey, added: "We are very pleased to have completed a second successful disposal on behalf of the Fund. Our immediate focus going forward is on actively improving the retail offer at the Southside Shopping centre as well as using our asset management skills to continue to drive performance across the remaining assets."
CWM advised the William Pears group and Lewis and Partners advised LaSalle Investment Management. Cushmans advised the Metro Fund.
Source: Land Securities