British Land acquires 50% stake in Eden Walk
Shopping centre owner British Land has acquired a 50% stake in the Eden Walk shopping centre in Kingston-upon-Thames.
The shopping centre owner bought the share from the Universities Superannuation Scheme (USS) for £41.5 million. The purchase is a further joint venture between British Land and USS, which will continue to hold the remaining 50% stake. British Land and USS are also joint venture partners in the development of the Whiteley Shopping Centre in Hampshire.
Built in 1968, Eden Walk is a 276,000 sq ft open shopping centre in the centre of Kingston. It has 22 shop units, three offices and a 697 space multi-storey car park. Extended in 1979 and refurbished in 2010, the centre is anchored by Marks & Spencer, Sainsbury's, Boots and BHS. British Land will take responsibility for the asset management of the centre with immediate effect.
As part of the transaction, British Land will act as development manager appraising opportunities to extend and enhance the centre in liaison with other stakeholders, including The Royal Borough of Kingston-upon-Thames.
Charles Maudsley, head of retail for British Land, said: "We are delighted to extend our successful relationship with USS and secure a key, strategic asset with extremely strong underlying fundamentals and significant development potential, increasing British Land’s exposure to the Greater London market. Kingston’s superb catchment and shopper profile offer huge potential and British Land has the ability, experience and the right strategy to deliver an exceptional world class town centre development."
Graham Burnett, head of property for USS, added: "We are very pleased to be able to extend the successful relationship with British Land. Our combined skills will enable us to capitalise on the strength of the existing asset."
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