Land Securities sells its stake in Bristol’s Cabot Circus for £270m
LAND Securities has sold its 50 per cent stake in Bristol shopping centre Cabot Circus to Axa Real Estate in a £267.8m deal.
Cabot Circus, home to more than 140 shops and restaurants, was developed by Land Securities in partnership with Hammerson, which is retaining its stake.
It was hailed as Bristol’s largest city centre regeneration project since the Second World War when it opened in September 2008.
Axa will buy Land Securities’ share in the 830,000 square feet shopping centre as well as its luxury goods quarter Quakers Friars and 370,000 sq ft of high street shops.
The assets currently produced a net rental income of £17.3m for Land Securities, the company said.
The deal comes just over a month after it bought a 30 per cent stake in Bluewater shopping centre for £700m and sold The Bridges in Sunderland for £152m.
Land Securities’ retail boss Scott Parsons said: “This portfolio reshaping is set to continue with our planned retail development programme to create the very best shopping environments.”