Land Securities, Crown Estate In JV On Oxford Shopping Center
May 04 2010 - 12:21PM
Dow Jones News
Land Securities PLC (LAND.LN), the U.K.'s largest landlord,
Tuesday said it bought a 50% stake in Westgate Center, Oxford, from
the Crown Estate for just over GBP28 million.
The transaction follows an announcement Tuesday from the Crown
Estate that it completed the purchase of Westgate for GBP56 million
from Liberty International PLC's (LII.LN) Capital Shopping Centers
as part of its strategy to diversify its urban portfolio and reduce
its central London weighting by investing in key regional
locations.
Westgate Center, whose tenants include supermarket J Sainsbury
PLC (SBRY.LN) and Primark, the discount clothing chain owned by
Associated British Foods PLC (ABF.LN), as well as fashion retailers
Next PLC (NXT.LN) and New Look Group PLC (NEW-LN), will be jointly
held by Land Securities and the Crown Estate in a new limited
partnership.
The center, encompassing 320,000 square feet, comes with two
cleared sites at the rear, which had been acquired previously to
facilitate development of a 750,000-square-feet shopping center
anchored by the John Lewis Partnership.
The Crown Estate, which manages a GB6 billion property portfolio
across the U.K., has completed close to GBP600 million of property
transactions in the past 12 months as part of its strategy to
reduce its London weighting.
-By Anita Likus, Dow Jones Newswires; +44 20 7842 9407;
anita.likus@dowjones.com
Liberty International (LSE:LII)
Historical Stock Chart
From Apr 2024 to May 2024
Liberty International (LSE:LII)
Historical Stock Chart
From May 2023 to May 2024