Invesco Real Estate , a global real estate investment manager, is delighted to announce the acquisition of one of London’s largest shopping centres, the 630,000 ft² Southside Shopping Centre in Wandsworth, South London, in a 50/50 partnership with listed property company, Land Securities. The ca. €179.1m (£150m) deal sees IRE acquiring the 50% interest in the management company from Delancey on behalf of the firm’s pan-European core strategy.
Andy Rofe, Managing Director – Invesco Real Estate says: "IRE is delighted to be partnering with a market leader such as Land Securities, which has a strong track record of shopping centre management and ownership. Southside is a super prime asset in a gateway city and we are excited to add this asset to our core portfolio and work with Land Securities to enhance the asset and ultimately deliver investment performance for our clients.”
Rob Johnston, Senior Director, Transactions – Invesco Real Estate says: “IRE has been looking to increase its allocation to shopping centres across Europe and the purchase of Southside is a vote of confidence in both the resilience of the UK retail market and overall UK consumer spending. The asset is well positioned as a dominant scheme in its catchment and is forecast to provide solid income and NOI growth through active asset management. We are looking forward to working with Land Securities on improving the asset.”
Ailish Christian-West, Head of Shopping Centres at Land Securities, said: “We are delighted to be taking on asset management responsibilities at Southside and welcome Invesco Real Estate as our new partner.”
Tim Haden-Scott, Investment Director at Delancey, commented: “Since establishing the Metro Shopping Fund 13 years ago, we have enjoyed a successful longstanding partnership with Land Securities, which has been responsible for significant developments at the Southside Shopping Centre scheme. Southside has proven to be an excellent asset, however now our business plan has come to an end with the completion of the Garratt Lane development, we will refocus activity to assume full asset management responsibility for ShopStop, Clapham Junction – an asset which was also formerly held within the Metro portfolio.”
Knight Frank advised Invesco Real Estate in the acquisition of Southside Shopping Centre for its pan-European core strategy. Lunson Mitchenall advised Delancey.
