|By Marketwired .||
|June 24, 2014 02:00 AM EDT||
LONDON, UNITED KINGDOM -- (Marketwired) -- 06/24/14 -- Land Securities (LSE: LAND) (PINKSHEETS: LSGOF) has exchanged contracts to sell The Bridges shopping centre, Sunderland to clients of AEW Europe for £ 152 million, reflecting a net initial yield of 6.9%.
The Bridges totals 550,000 sq ft and is anchored by Debenhams with a further 100 shops including Foot Locker, Superdry and TopShop. Land Securities bought The Bridges in 1993 and extended the centre in 2000.
Scott Parsons, Managing Director, Retail at Land Securities, said, "Our retail strategy is to move the portfolio towards dominance, experience and convenience. 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."
Notes to editors:
Land Securities is the UK's largest listed commercial property company and a member of the FTSE 100. The company owns and manages more than 24 million sq ft of property, from shopping centres to offices, valued in excess of £ 11.8 billion.
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