Metro Shopping Fund, a retail joint venture between Land Securities and Delancey, has sold the Victoria Place shopping centre in London to Irish property firm Ewart Properties for £ 92.5 mln (EUR 129 mln) .
Metro Shopping Fund, a retail joint venture between Land Securities and Delancey, has sold the Victoria Place shopping centre in London to Irish property firm Ewart Properties for £ 92.5 mln (EUR 129 mln) .
The centre provides about 7,400 m2 of retail space on three levels and has Sainsbury's, Next, Boots, Borders and Dixons as part of its retail offer. The mall sits directly above the platforms and railway lines of Victoria Station, one of the busiest transport hubs in London.
The sale is the first to be undertaken by Metro since it was established in June 2004. Franc Warwick acted for Metro, Savills acted for Ewart.
'Metro was set up to capitalise on the joint expertise of Land Securities and Delancey in the London shopping arena. The sale of Victoria Place reflects the improvement made to the retail offer in the location and allows us to focus on our plans for the remaining assets in the fund,' said Land Securities' Mark Ashton.
When the sale completes in January, Metro will continue to hold four shopping centres, including the Clapham Shopstop and Notting Hill malls in London. The fund was set up to provide asset, corporate and property management services to an initial portfolio of four properties.