Land Securities Group, the owner of the Walkie Talkie building, has sold off a 50 per cent stake in a Bristol shopping centre for £267.8m.
The UK’s largest property company has sold half of its stake in Cabot Circus and Quakers Friars, a joint venture with Hammerson, to AXA Real Estate as it reshapes its portfolio of retail properties.
The six-year-old shopping centre includes luxury, dining and high street shopping areas covering more than a 1m sq ft of space that produces rental income of £17.3m.
Land Securities said the move was part of a “reshaping” of its retail portfolio which has also seen it dispose of The Bridges shopping centre in Sunderland and acquire a 30 per cent take in Kent’s Bluewater shopping centre for £656m.
Land Securities Retail managing director Scott Parsons said:
"This portfolio reshaping is set to continue with our planned retail development programme to create the very best shopping environments which reflect evolving consumer behaviour."