Business
Land Securities sells The Bridges for ?152m
Land Securities sells The Bridges for ?152m.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \nRNS Number : 3268K Land Securities Group PLC 24 June 2014 \n \n\nLand Securities Group PLC (\"Land Securities\")\n \nLand Securities sells The Bridges, Sunderland for £152 million\n \nLand Securities has exchanged contracts to sell The Bridges shopping centre, Sunderland to clients of AEW Europe for £152 million, reflecting a net initial yield of 6.9%.\n \nThe Bridges totals 550,000 sq ft and is anchored by Debenhams with a further 100 shops including Foot Locker, Superdry and TopShop. Land Securities bought The Bridges in 1993 and extended the centre in 2000.\n \nScott Parsons, Managing Director, Retail at Land Securities, said, \"Our retail strategy is to move the portfolio towards dominance, experience and convenience. The Bridges trades well currently but is not part of our strategic focus, and the strong market conditions for retail assets have allowed us to move quickly to crystallise value from the asset.\"\n \n-Ends-\n \n \nNotes to editors:\n \nLand Securities is the UK's largest listed commercial property company and a member of the FTSE 100. The company owns and manages more than 24 million sq ft of property, from shopping centres to offices, valued in excess of £11.8 billion.\n \n \nFor further information, please contact:\n \nLand Securities Group PLC\n \nPress Investors \nDuncan Bonfield / Molly Neal Ed Thacker \nT: +44...