LAND Securities has highlighted strong performances by its malls in Glasgow and Livingston as it signalled its intention to off-load non-flagship assets.
The commercial property developer said the sale of The Bridges shopping centre in Sunderland for £152 million, and its purchase of a 30 per cent stake in Bluewater, Kent, underlined its focus on the "best retail assets". The Bluewater deal, worth £696 million, gave Land full management control of the centre, as well as 110 acres of surrounding land.
Land said Buchanan Galleries in Glasgow, a joint venture with Henderson Global Investors, and The Centre in Livingston had performed well amid challenging conditions in its first quarter.
It pointed to the "positive impact" made by Buchanan Quarter, the mixed retail and residential development it launched across from the Galleries last year to the city's shopping mix, highlighting that it had brought fashion chain Forever 21 to Scotland for the first time.
And it noted progress with plans to extend Buchanan Galleries, confirming that Marks & Spencer, Next and Showcase Cinema de Luxe have all committed to take space at the site next to the John Lewis department store.
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