Land Securities continues to reshape portfolio

Land Securities has announced that it has sold its 50 percent stake in the Princesshay shopping centre and surrounding properties in

Exeter totalling 589,000 square feet to TIAA Henderson Real Estate for 127.9 million pounds.

The move is part of its plans to reshape its retail portfolio and has allowed it to take full control of the Buchanan Galleries in Glasgow, by simultaneously acquiring TIAA Henderson Real Estate’s 50 percent stake for 137.5 million pounds.

Buchanan Galleries currently totals 600,000 square foot of retail space and is home to 90 high street names such as Hollister, H&M, Mango, Lipsy, Thomas Sabo, Boux Avenue and John Lewis.

Land Securities has planning consent for a leisure and retail extension to Buchanan Galleries, which will extend the centre to 1.2 million square foot of retail, leisure and restaurant space in the centre of Glasgow, to be anchored by Marks & Spencer and John Lewis.

Scott Parsons, managing director of retail at Land Securities, said: "These two transactions give us the opportunity to take full control in Glasgow ahead of the planned extension, while also exiting Princesshay in Exeter in line with our strategy of reshaping the retail portfolio to focus on the key themes of dominance, experience and convenience.

"Our planned retail development programme, of which the proposed extension to Buchanan Galleries forms part, will create the very best shopping environments in some of the UK's top retail destinations."