08 October 2013
Land Securities Group PLC ("Land Securities")
Land Securities and British Land sell Bon Accord and St Nicholas, Aberdeen for £189 million
The Scottish Retail Property Limited Partnership, a 50/50 joint venture between Land Securities Group PLC and British Land, has exchanged contracts to sell the Bon Accord and St Nicholas shopping centres in Aberdeen to F&C REIT for £189 million.
The Bon Accord and St Nicholas centres together form Aberdeen's prime retail pitch, positioned between John Lewis and Marks & Spencer. They total 460,000 sq ft across more than 75 retail units, and are anchored by Next, Boots and New Look.
The Scottish Retail Property Limited Partnership was formed as a 50/50 joint venture in March 2004, with Land Securities contributing the Bon Accord centre and British Land contributing the St Nicholas centre to the partnership, to maximise the long-term value of two adjoining assets.
The joint venture was originally set up as a seven year partnership and has come to a natural end, with the external debt expiring last year.
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.'
Cushman & Wakefield acted for the Scottish Retail Property Limited Partnership and CBRE acted for F&C REIT.
-Ends-
For further information please contact:
Land Securities Group PLC
Press Investors
Molly Neal /Duncan Bonfield Ed Thacker
T: +44 (0)20 7024 5460 / 5463 T: +44 (0)20 7024 5185
[email protected] [email protected]
