Invesco Real Estate (IRE) has acquired one of London’s largest shopping centres, the 630,000 sqft Southside Shopping Centre in South London’s Wandsworth, in a 50/50 partnership with the listed property company Land Securities.
The £150m deal sees IRE acquiring the 50% interest in the management company from Delancey on behalf of the firm’s pan-European core strategy.
Andy Rofe, managing director – Invesco Real Estate said: “Southside is a super prime asset in a gateway city and we are excited to add this asset to our core portfolio and work with Land Securities to enhance the asset and ultimately deliver investment performance for our clients.”
Rob Johnston, senior director, Transactions – Invesco Real Estate said: “IRE has been looking to increase its allocation to shopping centres across Europe and the purchase of Southside is a vote of confidence in both the resilience of the UK retail market and overall UK consumer spending.
“The asset is well positioned as a dominant scheme in its catchment and is forecast to provide solid income and NOI growth through active asset management. We are looking forward to working with Land Securities on improving the asset,” Johnston added.
Knight Frank advised Invesco Real Estate in the acquisition of Southside Shopping Centre for its pan-European core strategy. Lunson Mitchenall advised Delancey.