Invesco pays £150m for stake in London shopping centre
Invesco Real Estate has paid £150m (€179m) for half of a London shopping centre.
The investment manager has bought a 50% stake in the Southside Shopping Centre from Delancey’s DV4 investment fund, putting it in joint venture with co-owner Land Securities.
The stake in the 630,000 sqft centre in Wandsworth was bought by Invesco for its pan-European core strategy.
Rob Johnston, senior director of transactions at Invesco, said the manager has been looking to increase its allocation to shopping centres across Europe.
“The purchase of Southside is a vote of confidence in both the resilience of the UK retail market and overall UK consumer spending,” he said.
“The asset is well positioned as a dominant scheme in its catchment and is forecast to provide solid income and NOI growth through active asset management.”
Land Securities has also sold its 50% stake in the nearby ShopStop centre, a 70,000 sqft property in Clapham Junction, to the DV4 fund.
The two deals bring to an end Land Securities and Delancey’s Metro Shopping Fund joint venture, created in 2004.