21 April 2017
London
Reporter: Theo Andrew

Invesco acquires 50 percent of London shopping centre


Invesco Real Estate has acquired a 50 percent stake in Southside Shopping Centre in Wandsworth, London, for £150 million.

The property was purchased for Invesco’s pan-European core strategy. The company enters the partnership with Land Securities, after buying Delancey’s share in the shopping centre.

Invesco has been working to increase its allocation in shopping centres and this asset is forecast to provide a solid net operating income, according to Rob Johnson, senior director of transactions at Invesco.

At the same time, Land Securities has sold its 50-percent stake in StopShop, a 70,000-square foot mixed-use scheme at the entrance to Clapham Junction station. Delancey has taken asset management responsibility for StopShop.

The sales mean Land Securities and Delancey have now exited The Metro Shopping Fund and all third-party debt has been repaid.

The management of Southside Shopping Centre has been handed to Land Securities.

Andy Rofe, managing director at Invesco, said: “Invesco is delighted to be partnering with a market leader such as Land Securities, which has a strong track record of shopping centre management and ownership.”

He added: “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.”

Tim Haden-Scott, investment director at Delancey, said: “Since establishing the Metro Shopping Fund 13 years ago, we have enjoyed a successful longstanding partnership with Land Securities, which has been responsible for significant developments at the Southside Shopping Centre scheme.”

He added: “Southside has proven to be an excellent asset, however now our business plan has come to an end with the completion of the Garratt Lane development, we will refocus activity to assume full asset management responsibility for ShopStop, Clapham Junction an asset which was also formerly held within the Metro portfolio.”

Invesco was advised by Knight Frank, while Lunson Mitchenall advised Delancey.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Standard Chartered boosts CRE team
11 December 2017 | Singapore | Reporter: Stephanie Palmer
Standard Chartered has named Steven Cranwell as global head of commercial real estate for its global banking business
SoftBank and Compass in ‘largest ever’ US real estate tech investment
08 December 2017 | New York | Reporter: Stephanie Palmer
Real estate technology firm Compass has won $450 million in investment from the SoftBank Vision Fund, in what Compass has called the largest ever real estate technology investment deal in US history
Tristan fund makes first foray into Germany
07 December 2017 | Bonn | Reporter: Stephanie Palmer
The CCP 5 long-life fund, a core-plus fund advised by Tristan Capital Partners, has made its first investment in Germany, acquiring an office complex in Bonn for €35 million
JLL develops UK corporate solutions team
07 December 2017 | London | Reporter: Stephanie Palmer
JLL has named Sue Asprey Price as lead director of its corporate solutions business in the UK, with immediate effect
Link Asset Services appointed as real estate fund administrator
06 December 2017 | London | Reporter: Stephanie Palmer
Warehouse REIT, a specialist warehouse investor managed by Tilstone Partners, has selected Link Asset Services for fund administration
Dutch portfolio sold for €200 million
05 December 2017 | Amsterdam | Reporter: Stephanie Palmer
Patrizia Immobilien AG has sold a portfolio of 61 residential properties in the Netherlands, for around €200 million
Allianz tops off bumper 2017 with Broadway acquisition
04 December 2017 | New York | Reporter: Stephanie Palmer
Allianz Real Estate has acquired a 43 percent stake in 1515 Broadway, New York, a class-A building valued at $1.95 billion