Business
Sale of Bon Accord and St Nicholas, Aberdeen
Sale of Bon Accord and St Nicholas, Aberdeen.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \nRNS Number : 9851P Land Securities Group PLC 08 October 2013 \n \n\n08 October 2013\n \nLand Securities Group PLC (\"Land Securities\")\n \nLand Securities and British Land sell Bon Accord and St Nicholas, Aberdeen for £189 million\n \nThe Scottish Retail Property Limited Partnership, a 50/50 joint venture between Land Securities Group PLC and British Land, has exchanged contracts to sell the Bon Accord and St Nicholas shopping centres in Aberdeen to F&C REIT for £189 million.\n \nThe Bon Accord and St Nicholas centres together form Aberdeen's prime retail pitch, positioned between John Lewis and Marks & Spencer. They total 460,000 sq ft across more than 75 retail units, and are anchored by Next, Boots and New Look.\n \nThe Scottish Retail Property Limited Partnership was formed as a 50/50 joint venture in March 2004, with Land Securities contributing the Bon Accord centre and British Land contributing the St Nicholas centre to the partnership, to maximise the long-term value of two adjoining assets.\n \nThe joint venture was originally set up as a seven year partnership and has come to a natural end, with the external debt expiring last year.\n \nLand Securities Executive Director Richard Akers said, 'After a number of successful asset management and refurbishment initiatives, the sale of the Bon Accord and St Nicholas centres is in line with our strategy of recycling capital into other opportunities across our portfolio.'\n \nCushman & Wakefield acted for the Scottish Retail Property Limited Partnership and CBRE acted for F&C REIT.\n \n-Ends-\nFor further information please contact:\n \nLand Securities Group PLC\nPress Investors\nMolly Neal /Duncan Bonfield &nbs...