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British Land has purchased a 50% stake in Eden Walk Shopping Centre in Kingston-upon-Thames, South West London, from Universities Superannuation Scheme (USS) for £41.5 million, reflecting a net initial yield of 5.35%. The acquisition forms another joint venture between British Land and USS, who will continue to hold the remaining 50% stake. British Land and USS are already joint venture partners developing the Whiteley Shopping Centre in South Hampshire.
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. The centre was built in 1968, extended in 1979 and refurbished in 2010, and is anchored by Marks & Spencer, Sainsbury's, Boots and BHS. British Land will take responsibilityfor the asset management of the shopping centre with immediate effect.
Kingston, which is in the south west of London, has one of the strongest consumer catchment areas in the UK with 1.3 million people generating retailer demand significantly above the average. The town has a high proportion of young affluent residents and dominates its local area, and has a market share of 24.8% of available spend in its catchment area, representing total shopper expenditure of over £2 billion.
As part of the transaction, British Land will act as development manager appraising opportunities to extend and enhance the centre in liaison with other key stakeholders, including The Royal Borough of Kingston-upon-Thames.
Fonte: CS della Società
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