Land Securities sells stake in Bristol's Cabot Circus

British property developer Land Securities has sold its 50 percent

stake in Cabot Circus shopping centre, Quakers Friars and surrounding shops in Bristol to Axa Real Estate in a 267.8 million pound deal.

Cabot Circus, home to more than 140 shops and restaurants, was developed by Land Securities in partnership with Hammerson, which is retaining its stake. When opened in 2008, Cabot Circus which comprises of 830,000 square feet of covered retail space it was hailed as one of the largest retail-led city centre urban regeneration projects in the UK.

In addition to acquiring Land Securities’ share in the Cabot Circus shopping centre, Axa Real Estate also acquired its 170,000 square foot luxury goods quarter Quakers Friars and 370,000 square feet of adjoining high street shops.

The deal comes just over a month after Land Securities bought a 30 percent stake in Bluewater shopping centre for 700 million pounds and sold The Bridges in Sunderland for 152 million pounds, as the property developer looks to focus on schemes in London, Leeds and Glasgow.

Land Securities’ managing director Scott Parsons said: “The sale of Cabot Circus, Quakers Friars and surrounding high street shops, coming so soon after the disposal of The Bridges in Sunderland and the acquisition of Bluewater in Kent, demonstrates the pace at which Land Securities is reshaping its retail portfolio to focus on the key themes of dominance, experience and convenience.

“This portfolio reshaping is set to continue with our planned retail development programme to create the very best shopping environments which reflect evolving consumer behaviour.”