Landsec secures 100% ownership of Cardiff’s St David’s
Landsec now owns 100% of St David’s shopping centre following its purchase of debt secured against the 50% share previously owned by Intu.
In a separate deal, the company has also acquired the adjacent vacant Debenhams store for a “minimal sum”.
Landsec said the move will enable it to deliver its future vision for the centre, which will include the introduction of new public spaces, elevated F&B and leisure concepts, and a refreshed brand mix.
Bruce Findlay, managing director of retail at Landsec, said: “Acquiring this final stake in St David’s is testament to our ability to unlock complex opportunities and enables us to take forward our placemaking plans for what is the dominant retail destination in Wales. With annual footfall of 27 million, it also has the necessary attributes of what we see as a shopping centre of the future.”
In the last 18 months, several brands agreed to open new stores or upsize their existing shops at St David’s, including Zara, Ivy Asia, Gaucho, Footasylum and The Fragrance Shop.
Findlay added: “Last quarter, we saw many household name brands make a move to prime city-centre locations like St David’s with a focus on creating best-in-class guest experiences. Our investment here will position us perfectly to capitalise on this trend, driving increased footfall and spend – while also helping to shape an exciting future for Cardiff’s city centre.
“It’s clear that the flight to prime isn’t slowing and we’re investing at a time where values are at a level that makes this transaction very attractive.”
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