Land Securities has confirmed its sale of The Bridges shopping centre in Sunderland.
As revealed by EGi, the REIT has exchanged contracts to sell The Bridges to clients of AEW Europe for £152m – a 6.9% net initial yield.
The Bridges totals 550,000 sq ft and is anchored by Debenhams with a further 100 shops including Foot Locker, Superdry and TopShop.
Land Securities bought The Bridges in 1993 and extended the centre in 2000.
Scott Parsons, managing director, retail, 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.”
Savills acted for Land Securities; Tudor Toone and Tushingham Moore advised AEW.
annabel.dixon@estatesgazette.com
