Land Secs continues portfolio reshaping with sale of Bristol's Cabot Circus

13th Aug 2014 08:03

Real estate group Land Securities is to sell its 50% stake in Cabot Circus shopping centre, Quakers Friars and surrounding shops in Bristol for £267.3m.The assets, which currently produce a net rental income of £17.3m to Land Securities, comprise the Bristol Partnership - a joint venture with Hammerson opened in 2008.At the time, the development was one of the largest retail-led city centre urban regeneration projects in the UK, the company said.Land Securities said it has now exchanged contracts to sell its interest to AXA Real Estate, on behalf of its clients. The deal is conditional on EU merger control approval.Scott Parsons, the managing director for retail at Land Securities, said the sale, coming soon after the disposal of The Bridges in Sunderland and the purchase of Bluewater in Kent, "demonstrates the pace at which Land Securities is reshaping its retail portfolio to focus on the key themes of dominance, experience and convenience".He said: "This portfolio reshaping is set to continue with our planned retail development programme to create the very best shopping environments which reflect evolving consumer behaviour."BC