The Metro Shopping Fund (Metro), the 50/50 London based retail joint venture between Land Securities and Delancey, has announced that it has exchanged contracts for the sale of the Victoria Place shopping center, London SW1 for £92.5 million (ca. €120m) to Ewart Properties Ltd.
At approximately 80,000 ft² the center is on three levels and has Sainsbury's, Next, Boots, Borders and Dixons as part of its retail offer.
The sale is the first undertaken by Metro since it formed in June 2004.
Commenting on behalf of Metro, Mark Ashton, Land Securities, said: "Metro was set up to capitalize on the joint expertise of Land Securities and Delancey in the London shopping arena. The sale of Victoria Place reflects the improvement made to the retail offer in the location and allows us to focus on our plans for the remaining assets in the fund."
Tim HadenScott of Delancey added: "Metro continues to be an important element in the shopping environment of London and we continue to look for opportunities to grow the fund's value through active management of the assets, development and where appropriate acquisition."
Franc Warwick acted for Metro, Savills acted for Ewart.
When the sale completes in January, Metro will continue to hold four shopping centers. They are:
- Clapham Shopstop, a majority freehold mixed-use shopping center at Clapham Junction station combining 18 shop units, offices, health club and six residential flats with a 80-space car park.
- Islington N1, a prime shopping center plus 100-space car park with 15 shop units, bars, restaurants, cinema and live music venue.
- Notting Hill, five major blocks of high street retail plus offices and Grade II listed cinema.
- Wandsworth Southside, a leasehold two-story shopping center with cinema and four long leasehold residential towers above with a 1180-space car park operated by NCP.
Source: Land Securities