Land Securities sells Sunderland shopping centre for £152m

24th Jun 2014 07:25

Property group Land Securities is to sell Sunderland shopping centre, The Bridges, to clients of AEW Europe for £152m.After buying the shopping centre in 1993 and extending it in 2000, Land Securities said the sale price of the 550,000 square-foot site reflects a net initial yield of 6.9%.The Bridges is anchored by department store Debenhams, and has a further 100 shops including Foot Locker, Superdry and TopShop."Our retail strategy is to move the portfolio towards dominance, experience and convenience," said Scott Parsons, Managing Director of Retail at Land Securities."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."BC