Land Securities and British Land sell former JV asset

8th Oct 2013 11:34

FTSE 100 companies Land Securities and British Land have agreed, through their 50/50 joint venture (JV), to sell the Bon Accord and St Nicholas shopping centres in Aberdeen. The two groups earned a total of £189m from the sale. Land Securities Executive Director Richard Akers said: "After a number of successful asset management and refurbishment initiatives, the sale of the Bon Accord and St Nicholas centres is in line with our strategy of recycling capital into other opportunities across our portfolio."The JV, which was established in 2004 and was known as The Scottish Retail Property Limited Partnership, was originally set up as a seven-year partnership and came to a natural end, with the external debt expiring last year.British Land added that it was "taking advantage of the improved sentiment in the investment markets and are delighted to have executed a number of sales recently". NR