British Land is set to complete a £96 million purchase of Royal Victoria shopping centre in Tunbridge Wells.
The property giant has exchanged contracts with Hermes Investment Management to purchase the 300,000sq ft shopping centre, which has been owned by that latter since 2012.
Royal Victoria, which hosts more than 90 retailers including a three-storey Fenwicks, recently received permission to build a major extension incorporating a 30,300sq ft cinema.
“We’re focused on ensuring our portfolio and the space within it reflects the way retail is changing, both in terms of how people are choosing to shop and how retailers do business,” British Land’s head of retail Charles Maudsley said.
“Key to this is providing high-quality space which enables retailers to effectively showcase their range, facilitate transactions and support fulfillment, while also recognising that shoppers increasingly wish to combine retail outings with other leisure activities.
“Our acquisition at Tunbridge Wells is in line with that approach. This is a well-located, high quality mixed-use asset which presents a real opportunity to drive further value and returns, as we apply the extensive asset management, operational retail and placemaking expertise we have within British Land.”
This follows continued expansion into retail across the country by British Land, announcing a £103 million high street development in Woolwich last month.