Land Securities' Metro Fund Sells Shopping Center For GBP112M

20th Jul 2010 09:25

By Anita Likus Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The U.K.'s largest real estate investment trust, Land Securities Group PLC (LAND.LN), Tuesday said The Metro Shopping Fund, its joint venture fund with investor Delancey, sold the N1 shopping center for GBP112 million. The fund, which is 50-50 owned by Land Securities and Delancey sold N1, which is located in London's Islington area, to Henderson Global Investors for its German business Warburg-Henderson KAG. The fund will now focus on its remaining assets. The Metro Fund is a limited partnership between Land Securities and Delancey formed in 2004 through the pooling of four properties: mixed use property Clapham's Shopstop, which includes retail, office and a car park, Victoria Place in the south west of London and retail and office accommodation at Notting Hill Gate. The fund then bought the Southside shopping centre in 2005 and sold the Victoria Place shopping centre to Ewart Properties Ltd. in 2007. Land Securities' head of retail portfolio management Ashley Blake said "we are pleased with the successful outcome of the sale and the proceeds will now be recycled into the fund." "Looking forward we are improving the retail offer at the Southside shopping centre in Wandsworth through asset management and development activity and will continue to look to drive improved performance across the remaining assets," he added. At 0811 GMT Land Securities shares were up 5 pence or 0.9% to 582 pence. -By Anita Likus, Dow Jones Newswires; +44 20 7842 9407; [email protected] (END) Dow Jones Newswires July 20, 2010 04:25 ET (08:25 GMT)