The Crown Estate has sold a 50% stake in the Westgate Centre, Oxford to Land Securities just after completing the purchase of the centre from Capital Shopping Centres for £56 mln. Land Securities is now buying a 50% interest in the complex for just over £28 mln (EUR 33 mln), representing a yield of 6.75%. The property will be jointly held in a new Limited Partnership.
The Crown Estate has sold a 50% stake in the Westgate Centre, Oxford to Land Securities just after completing the purchase of the centre from Capital Shopping Centres for £56 mln. Land Securities is now buying a 50% interest in the complex for just over £28 mln (EUR 33 mln), representing a yield of 6.75%. The property will be jointly held in a new Limited Partnership.
The 320,000 sq ft (30,000 m2) centre comes with two cleared sites at the rear which had been acquired previously to facilitate development of a 750,000 sq ft shopping centre anchored by John Lewis Partnership. It also benefits from an adjoining local authority owned 1,200 car park. The partnership will aim to enhance the shopping experience at Westgate through asset management and assess prospects for a commercially viable development proposal, the company said.
The centre includes national multiple retailers such as Sainsbury's, Primark, Next and New Look.
'The City's character, combined with strong tenant demand and an attractive catchment, provide excellent scope for both asset management and development,' said Richard Akers, managing director of the Land Securities Retail Portfolio.
He added: 'In partnering with The Crown Estate we are building on the relationship established at Exeter and based on a shared approach to long-term asset management.'
