UK REIT British Land has acquired the Surrey Quays leisure park in Canada Water, in the Docklands in south-east London, from clients of Aviva Investors for £135 mln (€185 mln).

UK REIT British Land has acquired the Surrey Quays leisure park in Canada Water, in the Docklands in south-east London, from clients of Aviva Investors for £135 mln (€185 mln).

The acquisition completes British Land's 'assembly strategy' at Canada Water where the firm also owns the Surrey Quays shopping centre and Harmsworth Quays, the former Daily Mail General Trust printing works., the company said in a statement.

The combined sites, which the firm has put together over the last five years for a total investment of £250 mln, cover nearly 50 acres and represent one of the largest mixed use regeneration projects in London.

The area is also expected to benefit from the opening of Crossrail at Canary Wharf in 2018.

The UK REIT is working with Southwark Council on the Canada Water Masterplan to create a new mixed use town centre for the area. Architects Allies & Morrison have been appointed to advise as masterplanners for the scheme, which could include up to 7 million sq ft (650,000 m2) of office, retail, leisure, culture and residential space alongside higher educational and community uses.

Chris Grigg, Chief Executive of British Land, said: 'This acquisition completes our assembly of a significant £2 bn world-class development opportunity in the heart of one of London’s major regeneration zones.'

Aviva Investors has been involved with the leisure park for nearly two decades, having funded its original development in 1996. JLL advised Aviva Investors on the deal.