British Land acquires 50% stake in Bath's SouthGate for £101 million
British Land has entered into an agreement to acquire a 50% stake in the new SouthGate retail scheme in Bath for £101 million.
The shopping centre operator has purchased the stake from Multi Southgate and expects the acquisition to complete by the end of September. The remaining 50% of the development is owned by Aviva Investors.
SouthGate is a 430,000 sq ft open air retail scheme next to Bath Spa railway station which forms the south east quadrant of Bath city centre. The scheme’s first phase opened in 2009, with the final phase completed in summer 2013.
Anchored by Debenhams, H&M, Topshop and Boots, the development has 55 retail units, 14 leisure units, a car park and 25,000 sq ft of office accommodation. The development is currently 93% let.
Charles Maudsley, head of retail for British Land, said: "SouthGate's strong fundamentals, the lack of out of town competition and footfall make it one of the best centres in the South of England. It is well let, modern and excellently located in a prime market with significant tourist spend.
“The scheme has dramatically altered the retail offering in an area historically undersupplied with good quality, well configured retail space. We will build on these fundamentals by completing the final lettings post development, broadening the tenant mix to appeal to a wider customer base, and improving the scheme's presence and experience."
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