British Land has confirmed its £101m purchase of a 50% stake in the Southgate shopping centre, Bath.
The REIT is purchasing the stake in the 430,000 sq ft development from Multi Southgate, as revealed by Estates Gazette in July . The deal is expected to complete by the end of the month.
Aviva Investors retains its 50% share in the scheme, which is 93% let to retailers including H&M and Urban Outfitters.
Charles Maudsley, head of retail for British Land, said: “Southgate’s strong fundamentals, the lack of out-of- town competition and footfall make it one of the best centres in the South of England. It is well let, modern and excellently located in a prime market with significant tourist spend.”
CBRE and Morgan Williams acted for British Land; Jones Lang LaSalle represented Multi.
joanna.bourke@estatesgazette.com
