Land Securities has sold The Bridges shopping centre in Sunderland for £152 million as it continued its fight to buy a 30 per cent stake in Bluewater that is now up for sale.
After owning The Bridges for 19 years, Land Securities sold the 550,000 sq ft centre to clients of AEW Europe, reflecting a net initial yield of 6.9 per cent.
Land Securities’ retail managing director Scott Parsons said: “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.”
The Bridges is anchored by Debenhams with a further 100 shops including Foot Locker, Superdry and TopShop.
Land Securities, British Land and Hammerson are all currently said to be in the final shortlist to buy Lend Lease’s much-envied stake in Bluewater, the UK’s second largest shopping centre.